title
A Resolution requesting inspection of the condition and cost of rehabilitation of the structure located at the 88 Hermitage Avenue property be made prior to the acquisition of this property by the Metropolitan Government.
body
WHEREAS, Resolution No. RS2022-1507, currently pending before the Metropolitan Council, would approve an option agreement between the Metropolitan Government and the State of Tennessee authorizing the purchase of the property located at 88 Hermitage Avenue in Downtown Nashville; and
WHEREAS, this property is the former home of the Tennessee School for the Blind, and the former school building (herein referred to as the "structure"), built in the 1940s, remains on the property today; and
WHEREAS, the current condition and status of this structure on the 88 Hermitage Avenue property is unknown. While many have expressed a desire to preserve and rehabilitate the structure, understanding the condition of the structure prior to the purchase is essential; and
WHEREAS, while preservation of historically significant structures is a public good, restoration and renovation of historic properties can be costly and much of this cost is determined based on the current condition of the structure; and
WHEREAS, RS2022-1507 proposes to spend $20,300,000 for the purchase of the 88 Hermitage Avenue property, and the cost of preservation and rehabilitation of the structure would be in addition to the purchase price; and
WHEREAS, while an appraisal was provided to the Council, the appraisal provided used a sales comparison approach. Instead, the Council should be provided with a cost approach appraisal for the 88 Hermitage Avenue property; and
WHEREAS, prior to purchasing this property, it is important to know the condition of the structure in order to determine whether the structure can be preserved and rehabilitated and what the cost of this process will be, including the current value of the property.
NOW, THEREFORE BE IT RESOLVED BY TH...
Click here for full text