ENACTED 08/03/1998

ORDINANCE NO. O98-1270

AN ORDINANCE APPROVING FISCAL YEAR 98-99 CENTRAL BUSINESS IMPROVEMENT DISTRICT BUDGET.

WHEREAS, Tennessee Code Annotated, 7-84-501 et seq. ("Central Business Improvement District Act of 1990") authorizes municipalities to create a Central Business Improvement District and to specially assess properties within the District to finance enhanced services and improvements; and

WHEREAS, Ordinance No. 098-1037 authorized the creation of a Central Business Improvement District and a CBID management corporation ("District Management Corporation") with the necessary powers and authority to carry out the purposes and intent of the Central Business Improvement District Act of 1990, which Ordinance is to be codified as Title 2, Chapter 174 of the Metropolitan Code of Laws; and

WHEREAS, Tennessee Code Annotated, 7-84-519(e) requires a management corporation to submit an annual budget for review and approval by the governing body;

WHEREAS, pursuant to Tennessee State law SECTION 2.174.070 requires the District Management Corporation to submit a proposed budget to the Metropolitan Council for approval; and

WHEREAS, it is in the interest of the citizens of Nashville and Davidson County that the Metropolitan Council approve the budget proposed for Fiscal Year 98-99 by the District Management Corporation.

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

SECTION 1. That the Budget for Fiscal Year 1998-99, submitted by the District Management Corporation for the Central Business Improvement District, which budget is attached hereto as Exhibit A and incorporated herein by reference is hereby approved.

SECTION 2.  That future annual budgets submitted by the District Management Corporation may be approved by Resolution by twenty-one affirmative votes of the Metropolitan Council.

SECTION 2. This Ordinance shall take effect from and after its passage, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Eileen Beehan