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A resolution approving a participation agreement between the Metropolitan Government of Nashville and Davidson County, acting by and through the Metropolitan Department of Water and Sewerage Services, and 1302 Pillow Street, LLC, to provide public water service improvements for Pillow Street's proposed development, as well as other existing properties in the area (MWS Project No. 20-WL-0142 and Proposal No. 2022M-021AG-001).
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WHEREAS, pursuant to the terms of the participation agreement, attached hereto as Exhibit 1, 1302 Pillow Street, LLC ("PILLOW STREET") in compliance with all Metropolitan Government of Nashville and Davidson County ("METRO") requirements and specifications, will contract and oversee the construction of approximately 998 linear feet of eight inch water main (DIP) and one (1) fire hydrant assembly on Pillow Street, to serve the residents on Pillow Street, as shown in Exhibit 2 hereto attached, Project No. 20-WL-0142; and,
WHEREAS, METRO will inspect the construction and upon acceptance, will be responsible for ongoing operation and maintenance; and,
WHEREAS, METRO agrees to pay the lesser of fifty percent (50%) of the actual project costs that benefit both parties, not to exceed Sixty-Four Thousand Seven Hundred Seventy-Four Dollars ($64,774.00); and,
WHEREAS, as part of this project PILLOW STREET further agrees to improve the public water main the remaining distance to Merritt Avenue to the benefit of the general community and the public water system without benefit to PILLOW STREET and be reimbursed by METRO not to exceed Two Hundred Thirty-Nine Thousand Eight Hundred Fifty Dollars ($239,850.00); and,
WHEREAS, BL2022-1214 authorizes the Metropolitan Department of Water and Sewerage Services to enter into participation agreements funding infrastructure with developers by resolution of the Metropolitan Council; and;
WHEREAS, the Project is deemed to benefit both parties and the general community.
NOW, THEREFORE, BE IT ENACTED BY TH...
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