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An ordinance approving the Fiscal Year 2027 Midtown Central Business Improvement District Budget.
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WHEREAS, Tennessee Code Annotated section 7-84-501, et seq, authorizes municipalities to create a Central Business Improvement District and to specially assess properties within the district to finance enhanced services and improvements; and
WHEREAS, Ordinance No. BL2025-1113 authorized the creation of a Midtown Central Business Improvement District (“MBID”) and appointed a District Management Corporation with the necessary powers and authority to carry out the purposes and intent of the MBID, which is codified as Title 2, Chapter 176 of the Metropolitan Code of Laws; and
WHEREAS, Tennessee Code Annotated § 7-84-519(e) requires a management corporation to submit an annual budget for review and approval by the governing body; and
WHEREAS, pursuant to Metropolitan Code of Laws Section 2.176.070, the District Management Corporation is required to submit a proposed budget to the Metropolitan Council for approval; and
WHEREAS, it is in the interest of the citizens of Nashville and Davidson County that the Metropolitan Council approve the budget proposed for Fiscal Year 2027 by the District Management Corporation.
NOW THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the Budget for Fiscal Year 2027, submitted by the District Management Corporation for the Midtown Central Business Improvement District, which budget is attached hereto as Exhibit A and, incorporated herein by reference, is hereby approved; provided that, the District Management Corporation shall not expend revenues in excess of the amount of special assessments actually collected.
Section 2. That future annual budgets submitted by the District Management Corporation may be approved by a resolution receiving twenty-one affirmative votes of the Metropolitan Council.
Section 3. This ordinance shall take effect from and after its final passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.