RESOLUTION NO. RS2007-2084
A resolution designating the Gaylord Opryland property as a tourist development zone and a secondary tourist development zone for the purpose of financing an expansion of the Opryland convention center facility.
WHEREAS, the Convention Center and Tourism Development Financing Act of 1998, currently codified as Tenn. Code Annotated §§ 7-88-101-111 (such act, as heretofore or hereafter amended, the "Act"), was enacted to provide a financing mechanism for the development of convention centers and other similar public use facilities that will attract and serve major tourism destinations, thereby fostering economic benefits to the state and hosting cities and counties; and
WHEREAS, Opryland Hotel Nashville, LLC is contemplating the expansion of its convention center facility which is located within the boundaries of The Metropolitan Government of Nashville and Davidson County, Tennessee (the "Metropolitan Government"); and
WHEREAS, said expansion will be made after January 1, 2007, will contain at least 250,000 square feet, inclusive of exhibit halls, ballrooms, meeting rooms, lobbies, corridors, service areas and other building areas, and will involve a local investment of public or private funds of not less than $200,000,000; and
WHEREAS, such convention center will constitute a "qualified public use facility" within the meaning of Tennessee Code Annotated, Section 7-88-103(7); and
WHEREAS, such expansion will be financed in part through the issuance of bonds by The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County, Tennessee.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The property, which is described in the map and legal description that is attached hereto as Exhibit A and incorporated herein by reference, is located more than three miles from the County Courthouse in the Metropolitan Government, and is hereby designated as a "tourism development zone" and as a "secondary tourism development zone" within the meaning of the Act.
Section 2. The Mayor and the Director of Finance are hereby authorized to file with the Tennessee Department of Finance and Administration an application, pursuant to Tennessee Code Annotated Section 7-88-108, seeking certification of the above-described tourist development zone and the expansion of the above-described convention center as a qualified public use facility.
Section 3. The Industrial Development Board of the Metropolitan Government of Nashville and Davidson County is, for purposes of Tennessee Code Annotated Title 7, Chapter 88, hereby designated as the public authority which will be financing the cost of the expansion of the convention center facility referred to above.
Section 4. This resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: J. B. Loring, Charlie Tygard, Rip Ryman
& Finance Committee
Convention & Tourism Committee
|Introduced:||July 17, 2007|
|Adopted:||July 17, 2007|
|Approved:||July 23, 2007|