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File #: RS2021-1186    Name:
Type: Resolution Status: Passed
File created: 10/8/2021 In control: Metropolitan Council
On agenda: 10/19/2021 Final action: 10/19/2021
Title: A resolution approving an Intergovernmental Agreement related to the South Nashville Central Business Improvement District by and between The Metropolitan Government of Nashville and Davidson County and the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County
Sponsors: Burkley Allen, Joy Styles
Attachments: 1. RS2021-1186 Exhibit
title
A resolution approving an Intergovernmental Agreement related to the South Nashville Central Business Improvement District by and between The Metropolitan Government of Nashville and Davidson County and the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County
body
WHEREAS, The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") is authorized by T.C.A. Sections 7-84-501 et seq. (the "Special Assessment Act") to (i) designate by ordinance an area within the Metropolitan Government as a "central business improvement district", (ii) levy by ordinance a special assessment on all property within the central business improvement district, and (iii) use the revenues from the special assessment so levied to fund the costs of public infrastructure improvements benefitting the central business improvement district, and debt service on bonds issued to finance such public infrastructure improvements; and
WHEREAS, pursuant to the Special Assessment Act, the Metropolitan Council of the Metropolitan Government enacted Ordinance No. BL2018-1140, as amended by Ordinance No. BL2019-1800 (as the same may be further supplemented and amended from time to time, the "SONA CBID Ordinance") which (i) designated an area within the Metropolitan Government more particularly described therein to be known as the South Nashville SONA CBID (as such central business improvement district may be amended from time to time in accordance with the Special Assessment Act and the SONA CBID Ordinance, the "SONA CBID") as a central business improvement district under the provisions of the Special Assessment Act; and (ii) levied an assessment in the initial amount of $1.00 per $100 of assessed value of real property on all real property located within the SONA CBID (the "Assessment"); and
WHEREAS, pursuant to an agreement (the "State Agreement") between the Metropolitan Government and the State of Tennessee (the "State"), ...

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