title
An ordinance amending Chapter 5.12 of the Metropolitan Code of Laws pursuant to Tenn. Code Ann. ? 67-4-1415 by increasing the hotel occupancy privilege tax in the amount of one percent and directing the proceeds be used for the construction of and future capital improvements to a new enclosed stadium, and debt service related thereto.
body
WHEREAS, Sections 5.12.020 and 15.12.060 of the Metropolitan Code of Laws levy a hotel occupancy privilege tax in the amount of six percent of the consideration charged by hotel operators for occupation of hotel rooms within Davidson County and direct the use of the proceeds; and
WHEREAS, Sections 5.12.120 and 5.12.130 of the Metropolitan Code of Laws levy an additional hotel occupancy privilege tax in the amount of $2.50 upon the occupancy of each hotel room within Davidson County and direct the use of the proceeds; and
WHEREAS, Tenn. Code Ann. ? 67-4-1415 (the "Act") authorizes an additional privilege tax of one percent of the consideration charged by hotel operators to be levied, with the proceeds to be used by the Sports Authority of the Metropolitan Government of Nashville and Davidson County ("Sports Authority") for "the payment of debt service for the construction of an enclosed stadium with at least fifty thousand (50,000) seats and for future capital improvements to the enclosed stadium;" and
WHEREAS, the Metropolitan Council has approved by resolution and on a preliminary basis a term sheet (the "Term Sheet") between the Metropolitan Government and the Tennessee Titans (the "Team"), which term sheet contemplates the various agreements and transactions among, and the rights and responsibilities of, the Metropolitan Government, the Sports Authority and the Team required to facilitate the construction of an enclosed stadium capable of seating in excess of 50,000 seats (the "Stadium"); and
WHEREAS, levying the additional one percent hotel occupancy tax authorized by the Act for the purpose of paying for the constr...
Click here for full text