ORDINANCE NO. BL2015-1284
An ordinance approving the Third Amendment to the Amended Ground Lease for the U.S. Customs House property between the Metropolitan Government of Nashville and Davidson County (“Metro”) and Customs House Associates, a Limited Partnership (“the Lessee”)(Proposal No. 2015M-016PR-001).
WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metro”) owns the U.S. Customs House property; and,
WHEREAS, Metro and Customs House Associates are parties to that certain Amended Ground Lease dated June 1, 1979, by and between Metro as lessor and Customs House as lessee, as to which a Memorandum of Lease is of record in book 5647, Page 460, of the Register’s Office of Davidson County, Tennessee (the “Lease”), concerning certain real estate and improvements located thereon at 701 Broadway, Nashville, Davidson County, Tennessee, as more fully described in Exhibit A, attached hereto to the Third Amendment to the lease and incorporated herein by reference (the “Property”); and,
WHEREAS, Lessee has done a credible job of managing the Property during its term as leaseholder; and,
WHEREAS, Metro and Lessee now desire to amend said Lease by extending the term of the Ground Lease until December 31, 2105, amending the annual rental fee, and expanding uses permitted on the Property; and,
WHEREAS, Section 27 of the First Amendment to the Lease provides that parties may amend the Ground Lease by obtaining the written consent of all mortgagees; and,
WHEREAS, the Director of Finance has reviewed the proposed Third Amendment, has no objection to the amendments, and deems it to be in the best interest of the Metropolitan Government of Nashville and Davidson County to assist the Lessee by amending the terms of the Lease as contemplated herein.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That this Third Amendment to the Lease entered into between the Metropolitan Government of Nashville and Davidson County and Customs House Associates, a copy of which is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is authorized to execute the same.
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: Bill Pridemore, Erica Gilmore, Walter Hunt
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|Introduced:||July 7, 2015|
|Passed First Reading:||July 7, 2015|
Commission - Approved
Budget & Finance Committee
Planning & Zoning Committee
|Passed Second Reading:||July 21, 2015|
|Passed Third Reading:||August 4, 2015|
|Approved:||August 10, 2015|
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