The Metro Council on Tuesday approved a novel plan to finance more than $18 million in infrastructure improvements that will help prepare more than 1,000 Bellevue acres for development. A Texas firm's plan for Biltmore Ridges calls for more than $300 million of investment over time, but Metro Public Works has said various infrastructure projects need to be completed along the way. They will be funded by developments in the Biltmore Ridges footprint.

The Metro Council will vote tonight to set a public hearing for August on whether to issue bonds for infrastructure improvements to the massive, 1,100-acre mixed-use Biltmore Ridges project at the intersection of McCrory Lane and Interstate 40.

Late last year, the Council approved a tripartite deal between JMJ Development — the Dallas-based owners of the land — the state and Metro for the developers to pay for the addition of three ramps connecting I-40 and McCrory and the widening of the secondary street.

JMJ bought the acreage from the Branstetter family back in 2005 for $9.5 million and, to date, has left it undeveloped. According to the company's Web site, Biltmore Ridges is:

A 2,000 square-acre residential and commercial planned development located 15 minutes away from downtown Nashville. This project encompasses high-end retail, hotel, office, multi family and single family uses.

JMJ has developed or brokered a handful of higher-end mixed use projects in Colorado, Texas and Palm Springs.

As another testament to their flush equity situation, JMJ planned to buy Italian Serie A soccer team AS Bari in 2009 for $25 million. It appears that deal fell through. Meanwhile, Bari will be relegated to Serie B at the end of the season.