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File #: BL2021-743    Name:
Type: Bill (Ordinance) Status: Passed
File created: 5/7/2021 In control: Metropolitan Council
On agenda: 7/6/2021 Final action: 7/6/2021
Title: An ordinance approving a purchase and sale agreement between the Metropolitan Government and Piedmont Natural Gas Company, Inc., for a parcel of property and improvements located at 800 Second Avenue North. (Proposal No. 2021M-007PR-001).
Sponsors: Freddie OConnell, Kyonzte Toombs, Kathleen Murphy
Attachments: 1. BL2021-743 Exhibit, 2. 800 Second Avenue North appraisal - BL2021-743, 3. 800 Second Avenue North remediation costs - BL2021-743
title
An ordinance approving a purchase and sale agreement between the Metropolitan Government and Piedmont Natural Gas Company, Inc., for a parcel of property and improvements located at 800 Second Avenue North. (Proposal No. 2021M-007PR-001).
body
WHEREAS, the Metropolitan Government is the owner of a parcel of property and improvements (collectively, the "Property") located at 800 Second Avenue North, currently used for Metropolitan Government offices; and,
WHEREAS, the Metropolitan Government purchased the Property in 1989 from Piedmont Natural Gas Company, Inc. ("Piedmont"), whose predecessors in interest had used the Property at one time for the production of manufactured gas; and,
WHEREAS, the Metropolitan Government estimates that the remediation of the byproducts of the manufactured gas operation remaining on the Property will cost at least $23,798,790; and,
WHEREAS, pursuant to the agreement (the "Agreement") attached and incorporated into this ordinance as Exhibit 1, Piedmont proposes to purchase the property for the sum of $4,239,000; and,
WHEREAS, the sum of the purchase price and the estimated cost of necessary remediation work exceeds the appraised value of the Property; and,
WHEREAS, approval of the Agreement is in the best interest of the Metropolitan Government.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The Agreement is approved, and the Director of Public Property or his designee is authorized to execute it and such other documents as may be customary and necessary to carry out the transaction contemplated therein.
Section 2. Amendments to the Agreement may be approved by resolution of the Metropolitan Council.
Section 3. This Ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Agenda Analysis
Analysis

This ordinance authorizes the sale of a 4.49-acre parcel prope...

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