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A resolution creating a Nashville Needs Impact Fund to help provide resources to nonprofit entities serving Nashville and Davidson County and designating certain amounts thereto.
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WHEREAS, Resolution No. RS2022-1827 approved a term sheet describing the terms and conditions of the agreements and transactions required to finance, construct, and operate a new, enclosed multi-purpose stadium on the East Bank of the Cumberland River (the "New Stadium") on a portion of the existing Nissan Stadium campus (the "Campus"), subject to the subsequent approval of final agreements ("Definitive Documents"), and authorizing the Metropolitan Government to pursue other matters related thereto; and,
WHEREAS, Amendment F to Resolution No. RS2022-1827 contemplates the creation of a Nashville Needs Impact Fund to provide resources to nonprofit entities providing services in Nashville and Davidson County involving public education; public transit; affordable housing: and supporting diversity, equity, and inclusion generally including gender equity in sports; and,
WHEREAS, Amendment F to Resolution No. RS2022-1827 further contemplates the possible deposit into the Nashville Needs Impact Fund of certain revenues expected to be generated in connection with the redevelopment of properties comprising a portion of the Campus and other revenues relating to naming rights for the New Stadium; and,
WHEREAS, the Definitive Documents include a proposed lease for the New Stadium, pursuant to the terms of which Tennessee Titans or an affiliate will make a payment (the "Dedicated Payment") during each year of the term of the lease for inclusion in the Nashville Needs Impact Fund; and,
WHEREAS, the amount of the Dedicated Payment will be $1,000,000 in the first year of the lease term and will increase by 3% in each lease year thereafter, for a total payment of $47,575,416.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL FOR THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
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