File #: RS2022-1902    Name:
Type: Resolution Status: Passed
File created: 12/13/2022 In control: Budget and Finance Committee
On agenda: 1/3/2023 Final action: 1/3/2023
Title: A resolution approving an Economic Impact Plan for the Madison Station Economic Development Area.
Sponsors: Nancy VanReece, Emily Benedict, Zach Young, Jennifer Gamble, Tonya Hancock, Russ Pulley, Courtney Johnston, Burkley Allen, Tanaka Vercher, Brett Withers, Sharon Hurt, Kyonzte Toombs, Mary Carolyn Roberts, Jeff Syracuse, Gloria Hausser, Ginny Welsch, John Rutherford, Freddie OConnell, Sandra Sepulveda, Zulfat Suara, Colby Sledge, Sean Parker, Joy Styles
Attachments: 1. Exhibit 1 Part 1 A.B.C., 2. Exhibit 1 Part 2 D, 3. Exhibit 1 Part 3 E, 4. Amendment No. 1 to RS2022-1902, 5. Amendment RS2022-1902 - Exhibit 1-Revision 2, Part 1, 6. Amendment RS2022-1902 - Exhibit 1-Revision 2, Part 2, 7. Amendment RS2022-1902 - Exhibit 1-Revision 2, Part 3, 8. Amendment No. 2 to RS2022-1902, 9. Amendment No. 2 to RS2022-1902 - exhibit replacement
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A resolution approving an Economic Impact Plan for the Madison Station Economic Development Area.

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WHEREAS, The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") is interested in preserving and promoting the economic welfare, educational growth, and vitality of this community; and

WHEREAS, the redevelopment of the Madison Station will provide a necessary and substantial public benefit to the citizens of the Metropolitan Government; and

WHEREAS, The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the "Industrial Development Board") has reviewed an Economic Impact Plan for the Madison Station Economic Development Area in the form attached hereto as Exhibit 1 regarding the redevelopment of the Madison Station (the "Plan"); and

WHEREAS, the development proposed in the Plan by Artesia Real Estate and The Cauble Group (collectively, the "Developer") will consist of approximately 1.7 million square feet of 4- to 7-story residential, retail, and office space, including up to 170 units (10%) of the multifamily units developed to be affordable housing at 60-80% of the Area Median Income for Nashville and/or offered as senior, artist housing, built in a mixed-income format (the "Project"), at a cost expected to exceed $600,000,000, and the Project will help revitalize the Madison area creating a vibrant pedestrian-friendly mixed use area; and

WHEREAS, the Industrial Development Board caused a public hearing with respect to the Plan to be held on December 14, 2022, as required by Tenn. Code. Ann. ? 7-53-314(g) and at its meeting on December 14, 2022, approved the submission of the Plan to the Metropolitan Council; and

WHEREAS, the Industrial Development Board has submitted a copy of the Plan to the Mayor pursuant to Tenn. Code. Ann. ? 7-53-314(f); and

WHEREAS, the Plan envisions that Developer will fund up to $146,050,534.00 for the costs of certain public infrastructure an...

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