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An ordinance authorizing the Metropolitan Government's execution and delivery of an intergovernmental project agreement and lease agreements with The Sports Authority of The Metropolitan Government of Nashville and Davidson County relating to the development and funding of an improved speedway facility proposed to be built on the Nashville Fairgrounds; approving the issuance of public facility revenue improvement bonds by the Sports Authority to finance a portion of the costs of the improved speedway; approving a development agreement and operating lease between the Metropolitan Government, by and through the Board of Fair Commissioners, and Bristol Motor Speedway, LLC for the construction and operation of the improved speedway; and approving the demolition of a portion of the existing speedway and grandstands to make way for construction of the improved speedway.
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WHEREAS, The Metropolitan Government of Nashville and Davidson County (the "Metropolitan Government") purchased the 118-acre site known as the Nashville Fairgrounds (the "Fairgrounds") in 1910, and has utilized the Fairgrounds for over 110 years for a variety of public activities and events; and
WHEREAS, Section 11.602 of the Charter of the Metropolitan Government (the "Charter") establishes a metropolitan board of fair commissioners (the "Fair Board") to operate the Fairgrounds on behalf of the Metropolitan Government; and
WHEREAS, the citizens of the Metropolitan Government voted in 2011 to amend Section 11.602 of the Charter to require the preservation of all Fairgrounds activities existing as of December 31, 2010, including without limitation, auto racing; and
WHEREAS, since 2011, the Metropolitan Government has significantly renovated and improved the Fairgrounds in keeping with the 2011 Charter amendment, including the construction of new exposition facilities, park spaces and infrastructure, and the construction of a new Major League Soccer stadium; and
WHEREAS, the existing Fairgro...
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