title
A resolution approving a participation agreement between the Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Department of Water and Sewerage Services, and 563 Veritas, LLC, to provide public water service improvements for 563 Verita’s proposed development, as well as other existing properties in the area (MWS Project No. 23-WL-0080 and Proposal No. 2025M-018AG-001).
body
WHEREAS, pursuant to the terms of the participation agreement, attached hereto as Exhibit 1, 563 Veritas, LLC (“DEVELOPER”) in compliance with all Metropolitan Government of Nashville and Davidson County (“METRO”) requirements and specifications, will contract and oversee the construction of approximately 120 linear feet of four-inch water main (DIP), to serve the residents on Veritas Street, as shown in Exhibit 2 hereto attached, Project No. 23-WL-0080; and,
WHEREAS, METRO will inspect the construction and upon acceptance, will be responsible for ongoing operation and maintenance; and,
WHEREAS, METRO agrees to pay the lesser of fifty percent (50%) of the actual project costs that benefit both parties, not to exceed Twenty-Three Thousand Eight Hundred Twenty-Six Dollars ($23,826.00); and,
WHEREAS, as part of this project DEVELOPER further agrees to improve the public water main from the westernmost property line to its terminus to the benefit of the general community and the public water system without benefit to DEVELOPER and be reimbursed by METRO not to exceed Forty-Nine Thousand Two Hundred Sixty-Six Dollars ($49,266.00.00); and,
WHEREAS, BL2022-1214 authorizes the Metropolitan Department of Water and Sewerage Services to enter into participation agreements funding infrastructure with developers by resolution of the Metropolitan Council; and;
WHEREAS, the Project is deemed to benefit both parties and the general community.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY.
Section 1. The participation agreement (Exhibit 1) between the Metropolitan Government of Nashville and Davidson County, acting by and through the Department of Water and Sewerage Services, and 563 Veritas, LLC to improve public water services in Davidson County, Tennessee, attached hereto and incorporated herein, is hereby approved, and the Director of Water and Sewer Services is authorized to execute the same.
Section 2. Twenty-Three Thousand Eight Hundred Twenty-Six Dollars ($23,826.00) from METRO is available in Fund No. 47410 to pay the lesser of fifty percent (50%) of the project costs that benefit both parties and Forty-Nine Thousand Two Hundred Sixty-Six Dollars ($49,266.00.00) from METRO is available in Fund No. 47410 to reimburse DEVELOPER for the additional work being completed, for a total contribution of Seventy-Three Thousand Ninety-Two Dollars ($73,092.00) toward the Project.
Section 3. This resolution shall take effect from and after its final passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves a participation agreement between the Metropolitan Department of Water and Sewerage Services (“Metro”) and 563 Veritas, LLC (“Developer”), to provide public water service improvements for a proposed development and other existing properties in the area.
The agreement allows the Developer to design and install approximately 120 linear feet of four-inch water main (DIP), to serve the residents on Veritas Street. Metro will inspect the construction upon completion and will be responsible for ongoing operation and maintenance upon acceptance. Metro will pay the lesser of either half of the actual project costs or $23,826 as part of the agreement.
The agreement also provides that the Developer would improve the public water main for 61 linear feet from its westernmost property line to its terminus for the benefit of the general community and public water system without Developer’s benefit. Metro would reimburse Developer for up to $49,266 for this work. All improvements must be operational by July 1, 2026, or the contract will be null and void.
Ordinance No. BL2022-1214 allows Metro to enter into participation agreements to fund infrastructure with developers by resolution of the Metropolitan Council. The Metropolitan Planning Commission has recommended approval of the agreement.
Fiscal Note: Metro will pay 50% of the project costs, not to exceed $23,826, for the installation of 120 linear feet of water main and will also reimburse the Developer up to $49,266 for improvements to public water main. Metro’s total contribution under this participation agreement would be $73,092.