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A resolution to approve the First Amendment to a grant contract to construct affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Arts and Business Council of Greater Nashville. INC.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”), acting by and through the Metropolitan Housing Trust Fund Commission, previously entered into a grant contract with Arts and Business Council of Greater Nashville. INC., for the express purpose of constructing affordable housing approved by RS2024-750; and,
WHEREAS, the parties wish to amend this grant contract by updating the grant draw schedule, Attachment C to the grant contract, a copy of which is attached hereto and incorporated herein; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the amendment to the grant contract be approved.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That this First Amendment to the grant contract for constructing affordable housing between The Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Housing Trust Fund Commission, and Arts and Business Council of Greater Nashville. INC., a copy of which is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is hereby authorized to execute the same.
Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves the first amendment to a grant contract to construct affordable housing between the Metropolitan Housing Trust Fund and Arts and Business Council of Greater Nashville, INC. (“Arts and Business Council”).
The original grant contract, as previously approved by the Council through Resolution No. RS2024-750, allocated $4,000,000 to Arts and Business Council for the construction of 148 Barnes Fund homes at 3539 Dickerson Pike.
The proposed amendment would replace a Barnes Fund Housing Trust draw schedule in the original grant contract. The new schedule would allow 75 percent of the funding to be drawn for documented predevelopment costs and 25 percent upon the receipt of final use and occupancy letter from the Department of Codes Administration.