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A resolution approving an Amended Economic Impact Plan for the Madison Station Economic Development Area.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") is interested in preserving and promoting the economic welfare, educational growth, and vitality of this community; and
WHEREAS, the redevelopment of Madison Station will provide a necessary and substantial public benefit to the citizens of the Metropolitan Government; and
WHEREAS, The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the "Industrial Development Board") has reviewed an Economic Impact Plan for the Madison Station Economic Development Area regarding the redevelopment of the Madison Station (the "Plan"); and
WHEREAS, the development proposed in the Plan by Artesia Real Estate and The Cauble Group (collectively, the "Developer") will consist of approximately 1.7 million square feet of 4- to 7-story residential, retail, and office space, including up to 170 units (10%) of the multifamily units developed to be affordable housing at 60-80% of the Area Median Income for Nashville and/or offered as senior, artist housing, built in a mixed-income format (the "Project"), at a cost expected to exceed $600,000,000, and the Project will help revitalize the Madison area creating a vibrant pedestrian-friendly mixed use area; and
WHEREAS, the Industrial Development Board caused a public hearing with respect to the Plan to be held on December 14, 2022, as required by Tenn. Code. Ann. ? 7-53-314(g) and at its meeting on December 14, 2022, approved the submission of the Plan to the Metropolitan Council; and
WHEREAS, on January 3, 2023, the Metropolitan Council approved an amended Economic Impact Plan pursuant to Resolution No. RS2022-1902 in the form attached hereto as Exhibit A (the "Amended Plan"); and
WHEREAS, Tenn. Code. Ann. ? 7-53-314(g) provides that an economic impact plan must be first appro...
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