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An ordinance amending Chapter 2.24.225 of the Metropolitan Code of Laws to modify appraisal requirements for certain real estate acquisitions made by the Nashville Department of Transportation and Multimodal Infrastructure and for Choose How You Move projects.
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WHEREAS, Chapter 2.24, Article III, Part II of the Metropolitan Code of Laws addresses the disposition of real estate; and
WHEREAS, in certain circumstances, the approval of the Metropolitan Council is required prior to the acquisition of real property; and
WHEREAS, Section 2.24.225 of the Metropolitan Code of Laws requires the Metropolitan Government to obtain an appraisal report as a precondition to the approval by the Metropolitan Council of the property's acquisition (“Appraisal Requirements”); and
WHEREAS, Subsection 2.24.225.A. of the Metropolitan Code of Laws prohibits the use of Restricted Appraisal Reports, Restricted Use Reports, or Summary Appraisal Reports to fulfill the Appraisal Requirements; and
WHEREAS, the Nashville Department of Transportation and Multimodal Infrastructure (NDOT) is commencing an historic number of infrastructure projects that include real property acquisition, in part to implement the Choose How You Move Transportation improvement program; and
WHEREAS, many of the property acquisitions for these projects, especially for temporary construction easements and sidewalk projects, are for small dollar amounts; and
WHEREAS, the cost to conduct an appraisal for each of these properties may often cost more than the acquisition itself, making an appraisal cost prohibitive and economically infeasible; and
WHEREAS, conducting an appraisal for each of these properties is also time consuming and may cause project delay; and
WHEREAS, Restricted Appraisal Reports, Restricted Use Reports, and Summary Appraisal Reports are cost effective and timely ways to assess the value of certain easements and small property acquisitions; and
WHEREAS, in order to effectuate the efficient acquisition of small-value properties, NDOT now wishes to amend Section 2.24.225 of the Metropolitan Code of Laws to allow for the use of Restricted Appraisal Reports, Restricted Use Reports, and Summary Appraisal Reports when seeking approval from the Metropolitan Council for certain real estate acquisitions; and,
WHEREAS, it is in the best interest of the Metropolitan Government that this amendment be approved.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL FOR THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Section 2.24.225 of the Metropolitan Code of Laws is hereby amended by adding the following new subsections:
E. The provisions of this section shall not apply to the appraisal or valuation of temporary construction easements acquired by the Nashville Department of Transportation and Multimodal Infrastructure (NDOT) or acquired for Choose How You Move (CHYM) projects using solely local funds.
F. For the appraisal or valuation of real property or easements for NDOT or CHYM sidewalk projects using solely local funds, Restricted Appraisal Reports, Restricted Use Reports, or Summary Appraisals shall satisfy the requirements of this section.
G. For real property or easements acquired by NDOT or acquired for CHYM projects using solely local funds, if the real property or easement has a fair market value of less than $15,000.00, then a Restricted Appraisal Report, Restricted Use Report, or Summary Appraisal shall satisfy the requirements of this section. For real property or easements acquired by NDOT or acquired for CHYM projects using solely local funds, if the property or easement has a fair market value of less than $10,000.00, then the requirements of this section shall not apply, and no appraisal report shall be required. These fair market valuations shall be supported by a market analysis.
H. The provisions of this section shall apply to any acquisitions made by NDOT or for CHYM projects using state or federal funds.
Section 2. That this Ordinance shall take effect immediately after its adoption, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.