Skip to Content

Resolution RS2020-442 (as amended)

A resolution amending certain provisions of Substitute Resolution RS2017-910 relating to the construction, improvement, and maintenance of a Major League Soccer stadium and further amending the ground lease between The Metropolitan Government of Nashville and Davidson County, by and through the Board of Fair Commissioners, and Nashville Soccer Holdings Development, LLC for the construction of a mixed-use development at the Fairgrounds Nashville.

WHEREAS, pursuant to Substitute Resolution RS2017-910, the Metropolitan Council approved the issuance of public facility revenue improvement bonds by the Sports Authority of the Metropolitan Government of Nashville and Davidson County relating to the construction, improvement, and maintenance of a Major League Soccer stadium; and,

WHEREAS, an amendment to Substitute Resolution RS2017-910 as set forth herein is in the interest of the Metropolitan Government; and,

WHEREAS, Substitute Ordinance No. BL2018-1291, as amended, approved the execution and delivery of a ground lease between The Metropolitan Government of Nashville and Davidson County, by and through the Board of Fair Commissioners, and Nashville Soccer Holdings Development LLC (the "Ground Lease") for the construction of a mixed-use development at the Fairgrounds Nashville; and,

WHEREAS, Amendment No. 2 to Substitute Ordinance No. BL2018-1291 added a provision to the Ground Lease making the Lessee’s failure to host games at the Stadium played by Nashville Soccer Holdings, LLC’s Major League Soccer expansion franchise for any single period of 24 consecutive months during the first 30 years of the lease an event of default; and,

WHEREAS, in order to facilitate financing for the proposed mixed-use development at the Fairgrounds Nashville, it is necessary that the condition to the Ground Lease added by Amendment No. 2 to Substitute Ordinance No. BL2018-1291 be deleted and repealed; and,

WHEREAS, in accordance with the terms of that certain Term Sheet, dated February 12, 2020, between Nashville Soccer Holdings, LLC (“NSH”) and The Metropolitan Government of Nashville and Davidson County (the “Administration”), the Administration agreed to timely support NSH’s efforts to repeal or modify Amendment No. 2 to Substitute Ordinance No. BL2018-1291 to achieve the agreements described in the Terms Sheet; and,

WHEREAS, the description of the area to be covered by the Ground Lease has changed slightly at the request of the Administration since BL2018-1291 was approved by the Metropolitan Council; and,

WHEREAS, Section 5 of Substitute Ordinance No. BL2018-1291 provides that amendments to the Ground Lease may be approved by resolution of the Metropolitan Council receiving twenty-one affirmative votes.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. Section 7(d)(1) of Substitute Resolution RS2017-910 is hereby replaced in its entirety with the following:

For the term of the Team Lease the team will pay annual rent in an amount equal to the debt service requirements and other direct debt issuance costs related to the Bonds less the sum of (A) the sales tax diversion and (B) the Debt Service Portion of the Ticket Tax.

Section 2. The Ground Lease approved by Substitute Ordinance No. BL2018-1291, as amended, is hereby amended by deleting the following provision in its entirety from Section 12 of the Ground Lease:

"e. the Lessee’s failure to host games at the Stadium played by Nashville Soccer Holdings, LLC’s Major League Soccer expansion franchise for any single period of twenty-four (24) consecutive months during the first thirty (30) years of the Ground Lease."

Section 3. The property to be covered by the Ground Lease as defined in the Exhibit attached hereto is hereby approved.

Section 4. This Resolution shall take effect immediately upon its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsor(s)

Colby Sledge, Bob Mendes, Kyonzté Toombs, Kathleen Murphy

Related Documents

Legislative History

Referred toBudget and Finance Committee
Codes, Fair, and Farmers Market Committee
Planning, Zoning, and Historical Committee

IntroducedJuly 21, 2020

AmendedJuly 21, 2020

AdoptedJuly 21, 2020

ApprovedJuly 22, 2020

ByMayor Cooper's signature

Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.

Last Modified: 08/03/2020 2:09 PM