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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).
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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-Two Thousand Ninety-Two Dollars ($72,092.00) 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.