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A resolution approving the Fiscal Year 2027 Central Business Improvement District Budget, and accepting previous Central Business Improvement District Budgets.
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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. O98-1037 authorized the creation of a downtown Central Business Improvement District ("CBID") and appointed a District Management Corporation with the necessary powers and authority to carry out the purposes and intent of the CBID, which is codified as Title 2, Chapter 174 of the Metropolitan Code of Laws; and
WHEREAS, the CBID was renewed by Ordinance Nos. BL2007-1312 and BL2017-580 and expanded in Ordinance No. BL2025-846; 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 2.174.070, the District Management Corporation is required to submit a proposed budget to the Metropolitan Council for approval; and
WHEREAS, pursuant to Ordinance No. O98-1270, the Metropolitan Council provided that future annual budgets submitted by the District Management Corporation may be approved by Resolution by twenty-one affirmative votes of the Metropolitan Council; and
WHEREAS, the District Management Corporation submitted annual budgets to the Metropolitan Government, but those budgets were not sent directly to the Metropolitan Council. These past budgets were approved through the annual operating budget of the Metropolitan Government; and
WHEREAS, in an effort to show transparency, the CBID budgets from Fiscal Year 2009 to Fiscal Year 2026, as approved through previous annual operating budgets, have been submitted to the Metropolitan Council; and
WHEREAS, it is in the interest of the c...
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