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An ordinance 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 Prism Properties, to provide public water service improvements for Prism's proposed development, as well as other existing properties in the area (MWS Project No. 19-WL-0070 and Proposal No. 2021M-013AG-001).
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WHEREAS, pursuant to the terms of the participation agreement, attached hereto as Exhibit 1, Prism Properties ("PRISM") in compliance with all Metropolitan Government of Nashville and Davidson County ("METRO") requirements and specifications, will contract and oversee the abandonment of approximately 428 linear feet of existing two inch water main and approximately 492 linear feet of six inch water main, and the construction/installation of approximately 882 lineal feet of six inch water main and one fire hydrant assemblies on Sharpe Avenue, to serve the residents on Sharpe Avenue and a portion of McFerrin Avenue, as shown in Exhibit 2 hereto attached, Project No. 19-WL-0070; 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 Sixty-Two Thousand Seven Hundred Eight Dollars ($62,708.00); and,
WHEREAS, as part of this project PRISM further agrees to improve the public water main the remaining distance to McFerrin Avenue to the benefit of the general community and the public water system without benefit to Prism and be reimbursed by METRO not to exceed One Hundred Fifty-Six Thousand Fifty-Two Dollars ($156,052.00); and,
WHEREAS, the Project is deemed to benefit both parties and the general community.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY.
Section 1. The participation...
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