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An ordinance approving, ratifying, and adopting Chapter 68 of the Private Acts of 2024, authorizing the establishment of an East Bank Development Authority.
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WHEREAS, the General Assembly of the State of Tennessee adopted Chapter 68 (the "Act") of the Private Acts of 2024; and,
WHEREAS, a true and correct copy of the Act is attached as Exhibit 1 and incorporated into this ordinance; and,
WHEREAS, the Act must be adopted by a 2/3 vote of the Metropolitan Council in order to become effective; and,
WHEREAS, pursuant to Article XI, Section 9 of the Tennessee Constitution, after adoption as contemplated herein any future changes to the Act would also require approval by a 2/3 vote of the Metropolitan Council in order to become effective; and,
WHEREAS, the Act authorizes the establishment of an East Bank Development Authority having certain powers within the East Bank, defined as the area bounded on the west and south by the Cumberland River, on the east by Interstate 24 and on the north by Interstate 65; and,
WHEREAS, if established, the East Bank Development Authority could, within the East Bank and among other things, enter into contracts; own and manage real and personal property; issue bonds; undertake projects, as defined in Tennessee Code Annotated Title 7, Chapter 65; exercise the powers of industrial development boards, housing authorities, parking authorities, and port authorities; and,
WHEREAS, pursuant to Ordinance No. BL2023-1741, the Metropolitan Council approved certain agreements relating to the construction of a new, enclosed stadium on the existing Nissan Stadium campus (the "Campus") in the East Bank and the acquisition of certain properties comprising most of the Campus from the Sports Authority of the Metropolitan Government of Nashville and Davidson County; and,
WHEREAS, pursuant to Ordinance No. BL2024-258, the Metropolitan Council approved certain agreements (the "IDA Agreements") relating to the development of a portion (the "Ini...
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