Bill BL2018-1319 (as amended)
An ordinance amending Chapter 5.06 of the Metropolitan Code of Laws regarding tax increment financing.
BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That Section 5.06.010 of the Metropolitan Code of Laws shall be amended by adding the following new subsections 10 and 11, respectively, immediately following the subsection currently labeled “9. Refinancing”, and renumbering the remaining subsections as necessary.
10. “Schools taxes” means, for property located in the General Services District, that portion of property taxes designated by the metropolitan government property tax levy ordinance to be distributed to the General Services District Schools Fund, and for property located in the Urban Services District, that portion of property taxes designated by the metropolitan government property tax levy ordinance to be distributed to the General Services District Schools Fund.
11. "Schools taxes percentage" means the percentage of taxes obtained by dividing the schools taxes for the applicable year by the total taxes for the applicable year.
Section 2. That Section 5.06.050 of the Metropolitan Code of Laws shall be amended by labeling the text of the current section as subsection “A” and adding the following as subsection B:
B. All TIF loans authorized by a tax increment agency after the effective date of this chapter shall include provisions stating that the schools taxes shall be retained by the metropolitan government or, if received by a tax increment agency pursuant to tax increment statutes, shall be paid to the metropolitan government by such agency before any incremental tax revenues may be used to pay the principal and interest on TIF loans. The schools taxes to be retained by or paid to the metropolitan government for each TIF loan shall be determined by multiplying the total taxes from all parcels generating incremental tax revenues pledged to secure the TIF loan by the schools taxes percentage applicable as of the date of the closing of the TIF loan.
Section 3. This ordinance shall take effect from and after its enactment, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Bob Mendes, Tanaka Vercher, Dave Rosenberg, John Cooper, Angie Henderson
IntroducedSeptember 4, 2018
Passed First ReadingSeptember 4, 2018
Referred toBudget and Finance Committee
Passed Second ReadingSeptember 18, 2018
Re-referred toBudget and Finance Committee
Deferred to July 2, 2019October 2, 2018
Passed Third Reading-
Next ConsiderationJuly 2, 2019
Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.
Last Modified: 10/10/2018 12:50 PM