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File #: RS2021-908    Name:
Type: Resolution Status: Passed
File created: 4/23/2021 In control: Metropolitan Council
On agenda: 5/4/2021 Final action: 5/4/2021
Title: A resolution approving an Economic Impact Plan for the River North Infrastructure Economic Development Area
Sponsors: Sean Parker, Kyonzte Toombs, Nancy VanReece, Zach Young, Zulfat Suara, Brett Withers, Steve Glover, John Rutherford, Russ Pulley, Bob Nash, Courtney Johnston, Gloria Hausser, Mary Carolyn Roberts, Tom Cash, Bob Mendes, Jeff Syracuse, Sharon Hurt, Ginny Welsch, Joy Styles, Robert Swope, Freddie OConnell, Tonya Hancock, Dave Rosenberg, Burkley Allen, Larry Hagar, Thom Druffel, Jennifer Gamble, Brandon Taylor, Emily Benedict
Attachments: 1. RS2021-908 Exhibit, 2. RS2021-908 Amendment
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A resolution approving an Economic Impact Plan for the River North Infrastructure 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, construction of public infrastructure in the River North area 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 in the form attached hereto as Exhibit 1 regarding the development of the River North area; and,
WHEREAS, the development proposed in the Economic Impact Plan by Oracle America, Inc. ("Oracle") will consist of approximately 1,200,000 square feet or more of office space, together with parking facilities, potential retail space and other improvements (the "Project"), at a cost expected to exceed $1,085,000,000, together with the furniture, fixtures, and equipment to be located on the property at a cost of approximately $95,000,000, and the Project will revitalize the surrounding area creating a vibrant pedestrian-friendly mixed use area; and,
WHEREAS, the Industrial Development Board caused a public hearing with respect to the Economic Impact Plan to be held on April 27, 2021, as required by Tenn. Code. Ann. ? 7-53-314(g) and at its meeting on April 27, 2021, approved the submission of the Economic Impact Plan to the Metropolitan Council; and,
WHEREAS, the Industrial Development Board has submitted a copy of the Economic Impact Plan to the Mayor pursuant to Tenn. Code. Ann. ? 7-53-314(f); and,
WHEREAS, the Economic Impact Plan envisions that Oracle will fund up to $175 Million for the costs of certain public infrastructure and landfill remediation to be paid back over time fr...

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