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File #: BL2022-1381    Name:
Type: Bill (Ordinance) Status: Passed
File created: 7/22/2022 In control: Budget and Finance Committee
On agenda: 11/1/2022 Final action: 11/1/2022
Title: An ordinance amending Chapter 5.04 of the Metropolitan Code of Laws requiring payments in lieu of taxes made by the Convention Center Authority be dedicated to affordable and workforce housing initiatives.
Sponsors: Sean Parker, Burkley Allen, Colby Sledge, Nancy VanReece, Ginny Welsch, Zulfat Suara
Attachments: 1. Substitute BL2022-1381
title
An ordinance amending Chapter 5.04 of the Metropolitan Code of Laws requiring payments in lieu of taxes made by the Convention Center Authority be dedicated to affordable and workforce housing initiatives.
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WHEREAS, The Convention Center Authority of the Metropolitan Government of Nashville and Davidson County (the "Convention Center Authority") issued tourism tax revenue bonds, including the Series 2010B Bonds, to pay costs associated with the planning, designing, engineering, acquiring, constructing, equipping, furnishing, improving, repairing, refurbishing, and opening of the Music City Center; and,
WHEREAS, pursuant to an Intergovernmental Project Agreement (Convention Center Project), dated February 1, 2010, between The Metropolitan Development and Housing Agency of Nashville and Davidson County, The Metropolitan Government of Nashville and Davidson County ("Metropolitan Government"), and the Convention Center Authority, certain pledged revenues of the Metropolitan Government are received by the Convention Center Authority to pay costs associated with the Music City Center, including payment of the debt owed on the tourism tax revenue bonds; and,
WHEREAS, pursuant to the Series 2010B Bonds, the Convention Center Authority entered into an Indenture of Trust, dated April 1, 2010, which provided for, in part, the creation of a Surplus Revenue Fund that receives the pledged Metropolitan Government revenues and operating revenues that are not otherwise obligated, and further permits, in accordance with the Indenture, the disbursement of such monies into other funds, accounts, or to persons, including, without limitation, the Metropolitan Government; and,
WHEREAS, the Metropolitan Government and Convention Center Authority entered into that certain Memorandum of Understanding, dated November 13, 2019 (the "Agreement"), that provides that the Convention Center Authority shall make annual payments to the Metropolitan Government from the Surplus Revenue...

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