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An ordinance approving a participation agreement between the Metropolitan Government of Nashville and Davidson County, acting by and through the Department of Public Works, and Monroe Infrastructure LLC, for the construction of public infrastructure in Phase 1A of River North. (Proposal No. 2021M-001AG-001)
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WHEREAS, Monroe and/or its affiliates have assembled ("River North"), real property in an area north of Jefferson Street and east of the Cumberland River; and,
WHEREAS, River North will include public infrastructure ("Phase 1A"), including roadway and intersection improvements and public utilities associated with the first phase of development within River North; and,
WHEREAS, the parties would like to work together to construct Phase 1A; and,
WHEREAS, the work completed within Phase1A, which will create a new road network, will cost approximately $20,902,00.00; and,
WHEREAS, Monroe is responsible for demolition of existing structures, construction, installation and completion of Phase 1A; and,
WHEREAS, Metro will reimburse Monroe for public infrastructure completed in Phase 1A, such reimbursement not to exceed $13,802,00.00; and,
WHEREAS, the completion of Phase 1A will benefit both parties and the general community of Nashville and Davidson County, Tennessee.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the participation agreement between the Metropolitan Government of Nashville and Davidson County, acting by and through the Department of Public Works, and Monroe Infrastructure LLC, for the construction of public infrastructure in Phase 1A of River North, attached hereto and incorporated herein, is hereby approved and the Metropolitan Mayor is authorized to execute the same.
Section 2. That all costs related to the public infrastructure for the Project shall be paid from the FY19 Metro Capital Spending Plan, under Fund 40119 BU 42409119.
Section 3. That the partici...
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