title
An ordinance approving three agreements relating to the acquisition of a parcel of property and improvements located at 607 Bass Street. (Proposal No. 2023M-030AG-001).
body
WHEREAS, American Battlefield Trust ("ABT"), a Virginia non-stock corporation, has entered into an option agreement (the "Option Agreement") to purchase a parcel of property and improvements (Metro Parcel ID 10502043300; collectively, the "Property") located at 607 Bass Street; and,
WHEREAS, a copy of the Option Agreement is attached as Exhibit 1 to this ordinance; and,
WHEREAS, pursuant to the terms of the Assignment and Assumption of Real Estate Purchase Agreement (the "Assignment Agreement") attached as Exhibit 2 to this ordinance, ABT proposes to assign the Option Agreement to the Metropolitan Government; and,
WHEREAS, pursuant to the lease agreement (the "Lease") attached to the Option Agreement, the current owner of the Property proposes to lease the Property from the Metropolitan Government for a term of three years for a nominal sum in order to wind up the business currently operating there; and,
WHEREAS, the appraised value of the Property exceeds the purchase price stated in the Option Agreement; and,
WHEREAS, pursuant to the Assignment Agreement, ABT will pursue grant funding from the governments of the United States and State of Tennessee that if obtained will reduce the portion of the purchase price the Metropolitan Government will be required to pay at closing; and,
WHEREAS, the Property comprised a portion of the grounds of Fort Negley during its initial construction and use and has great historical significance; and,
WHEREAS, pursuant to RS2023-1978, the Metropolitan Council authorized funding for capital projects including implementation of the Fort Negley master plan and park land acquisition; and,
WHEREAS, acquiring the Property and adding it to Fort Negley Park will help preserve the Property's historic features and improve the park for the benefit of the citize...
Click here for full text