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An ordinance authorizing the Metropolitan Government's execution and delivery of an intergovernmental project agreement with The Sports Authority of The Metropolitan Government of Nashville and Davidson County relating to the development and funding of a new, enclosed stadium; designating a geographic area within which 50% of state and local option sales taxes will be allocated to fund capital projects at the stadium or any onsite or offsite infrastructure necessary for the operation thereof; approving the issuance of one or more series of public facility revenue bonds by the Sports Authority to finance a portion of the costs related to the construction of the enclosed stadium; authorizing the use and pledge of certain of the Metropolitan Government's revenues as security for the bonds; authorizing the acquisition of the stadium campus from the Sports Authority and the lease of the new stadium site to the Sports Authority; authorizing the Metropolitan Government's execution and delivery of a site coordination agreement relating to the interaction between the operations of the stadium and the development within certain areas around the stadium; and authorizing the defeasance of a portion of the Metropolitan Government's general obligation bonds issued to fund the acquisition of the campus on which the stadium is located.
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WHEREAS, The Sports Authority of The Metropolitan Government of Nashville and Davidson County (the "Authority") has been formed pursuant to Title 7, Chapter 67, Tennessee Code Annotated (the "Act"), by The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") for the purposes set forth in the Act; and
WHEREAS, the Authority owns approximately 95 acres of land on the east bank of the Cumberland River in Nashville, Tennessee (as more particularly described in the hereinafter defined Intergovernmental Agreement attached as Exhibit A hereto, the "Campus"), on which is located a multi-purpose outdoor stadi...
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