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An ordinance amending Chapter 2.24.225 of the Metropolitan Code of Laws to modify appraisal requirements for certain right-of-way acquisitions made by the Nashville Department of Transportation and Multimodal Infrastructure and for Choose How You Move projects, and to make technical changes
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WHEREAS, Chapter 2.24, Article III, Part II of the Metropolitan Code of Laws addresses the disposition of real estate; and
WHEREAS, in certain circumstances, the approval of the Metropolitan Council is required prior to the acquisition of real property; and
WHEREAS, Section 2.24.225 of the Metropolitan Code of Laws requires the Metropolitan Government to obtain an appraisal report as a precondition to the approval by the Metropolitan Council of the property's acquisition ("Appraisal Requirements"); and
WHEREAS, Subsection 2.24.225.A. of the Metropolitan Code of Laws prohibits the use of Restricted Appraisal Reports, Restricted Use Reports, or Summary Appraisal Reports to fulfill the Appraisal Requirements; and
WHEREAS, "Restricted Use Reports" and "Summary Appraisal Reports" are terms that are no longer defined by the Uniform Standards of Professional Appraisal Practice ("USPAP") and should be replaced in the Metropolitan Code of Laws; and
WHEREAS, the Nashville Department of Transportation and Multimodal Infrastructure (NDOT) is commencing an historic number of infrastructure projects that include real property acquisition, in part to implement the Choose How You Move Transportation improvement program; and
WHEREAS, many of the property acquisitions for these projects, especially for temporary construction easements and sidewalk projects, are for small dollar amounts; and
WHEREAS, the cost to conduct an appraisal for each of these properties may often cost more than the acquisition itself, making an appraisal cost prohibitive and economically infeasible; and
WHEREAS, conducting an appraisal for each of these properties is also time consuming and may caus...
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