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An ordinance authorizing the Metropolitan Government's execution and delivery of a development agreement and ground lease agreement with the Tennessee Performing Arts Center Management Corporation, a campus operations and use agreement, and other documents and agreements relating to the development of a performing arts facility on a portion of the east bank stadium campus.
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WHEREAS, the Metropolitan Government is the fee owner of that certain parcel of property identified on Exhibit A (the "Land"), located within the broader campus (the "Campus") surrounding the East Bank stadium now under construction (the "Stadium"); and
WHEREAS, pursuant to Resolution RS2024-270, adopted on April 16, 2024, the Metropolitan Council approved a non-binding Memorandum of Understanding with the Tennessee Performing Arts Center Management Corporation, a Tennessee non-profit corporation ("TPAC") regarding the development of a performing arts facility (the "Performing Arts Facility") on the Land; and
WHEREAS, the Metropolitan Council now wishes to approve the forms of a Development Agreement and Lease Agreement, each between the Metropolitan Government and TPAC, to provide for the development, use and operation of the Performing Arts Facility and the infrastructure improvements related thereto; and
WHEREAS, the Metropolitan Government is party to that certain First Amended and Restated Site Coordination Agreement, dated November 13, 2024 (the "Site Coordination Agreement") with Tennessee Stadium Company, LLC ("StadCo"), which agreement requires the Metropolitan Government and TPAC, prior to the development of the Performing Arts Facility on the Land, to execute and deliver a campus operations and use agreement providing for the rights and responsibilities of StadCo, as the tenant of the Stadium, and the Metropolitan Government and TPAC, as the owner and tenant of the Performing Arts Facility; and
WHEREAS, on December 3, 2025, a community meeting was conducted at the existin...
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