A resolution approving a housing incentive grant agreement between the Metropolitan Government of Nashville and Davidson County and Miken Development, LLC for the conversion of workforce housing units located at 1211 51st Avenue North.
WHEREAS, the Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) is vitally interested in the provision of affordable and workforce housing for its citizens; and,
WHEREAS, the provision of affordable and workforce housing to area citizens, is both necessary and vital to the retention of an exceptional workforce within Nashville and Davidson County; and,
WHEREAS, Ordinance No. BL2016-342 created a mechanism for grants to be made to qualifying developers that convert market-based rental units into affordable or workforce rental units; and,
WHEREAS, Miken Development, LLC (the “Recipient”) has agreed to convert two units into workforce rental units at its development located at 1211 51st Avenue North pending approval of a Housing Incentives Pilot Program (“HIPP”) Grant Agreement (the “Grant Agreement”) to subsidize the costs of housing workforce residents; and,
WHEREAS, pursuant to the grant calculation method provided in Ordinance No. BL2016-342, the recipient is eligible to receive a grant not to exceed $18,204 per year for 15 years pending availability of funds; and,
WHEREAS, it is in the interest and welfare of the citizens of the Metropolitan Government to approve and execute the HIPP Grant Agreement in the form attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the contract by and between Miken Development, LLC and the Metropolitan Government of Nashville and Davidson County for conversion of workforce housing units, a copy of which is attached hereto and incorporated herein, is hereby approved.
Section 2. The Metropolitan Mayor of the Metropolitan Government (the “Metropolitan Mayor”) is hereby authorized, empowered, and directed to execute and deliver the Grant Agreement in the name and on behalf of the Metropolitan Government in the form now before this meeting. From and after the execution and delivery of the Grant Agreement, the officers of the Metropolitan Government are hereby authorized, empowered, and directed to do all such acts and to execute all such documents as may be necessary to carry out and comply with the provisions of the Grant Agreement as executed.
Section 3. This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government requiring it.
Sponsored by: Tanaka Vercher, Bob Mendes, Burkley Allen
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|Referred to:||Ad-Hoc Affordable Housing Committee
Budget & Finance Committee
|Introduced:||October 3, 2017|
|Deferred:||October 3, 2017|
|Withdrawn:||October 17, 2017|
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