ADOPTED 06/01/1999

RESOLUTION NO. R99-1564

A Resolution approving fiscal year 1999-2000 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, pursuant to Ordinance 098-1270, the Metropolitan Council provided that future annual budgets submitted by the District Management Corporation may be approved by Resolution by twenty-one affirmative votes of the Metropolitan Council; 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 99-00 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 1999-00, 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; provided that, the District Management Corporation shall not expend revenues in excess of the amount of special assessments actually collected.

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

Sponsored by: Charles Fentress

EXHIBIT A

Projected Budget for the
Central Business Improvement District of
Nashville, Tennessee
Fiscal Year 1999-2000

Assessments $550,000
Expenses
Chamber/Salaries $79,200
Contractor $433,664
Utilities $3,600
Education $6,100
Marketing $23,000
Audit $4,000
Total Expenses $546,564

 

Assessments projected on $.15 per $100 of assessed value of properties within the CBID.

Expenses:

Chamber/Salaries: This includes salaries and benefits for people, reimbursement for office space and accounting functions

Contractor: Brantley Security Services provides the personnel, equipment supervision, and training for Operation NeatStreets. This budget projects adding another safety element to the existing operation.

Utilities: Office space for Operation NeatStreets has been donated but the CBID is responsible for the utilities.

Education: Two IDA conferences and an Inner-city visit are budgeted. In addition a Y2K compliant computer is required.

Marketing : Publications to inform the members of the CBID of the programs and new business recruitment studies and material.

Audit: Required audit for Metro and the property owners.

LEGISLATIVE HISTORY

Referred to: Budget & Finance Committee
Planning & Zoning Committee
Introduced: June 1, 1999
Adopted: June 1, 1999
Approved: June 2, 1999
By: mayor.gif (527 bytes)