SECOND SUBSTITUTE RESOLUTION NO. RS2007-78
WHEREAS, the Metropolitan Government is interested in preserving and promoting the economic welfare, educational growth, and vitality of this community; and
WHEREAS, construction of a new branch public library in the Bellevue community will provide a necessary and substantial public benefit; and
WHEREAS, the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (the “Industrial Development Board”) has reviewed an Economic Impact Plan in the form attached hereto as Exhibit 1 regarding the development of the area located in the vicinity of the Bellevue Center Mall; and
WHEREAS, the development proposed in the Economic Impact Plan will include a long desired and much needed branch public library in the Bellevue community; and the Plan will revitalize the surrounding area creating a vibrant neighborhood retail and gathering area; and
WHEREAS, the Industrial Development Board caused a public hearing with respect to the Economic Impact Plan to be held on November 30, 2007, as required by Tenn. Code. Ann. § 7-53-312(g) and at its meeting on November 30, 2007 approved the submission of the Economic Impact Plan to the Metropolitan Council; and
WHEREAS, the Industrial Development Board revised the Economic Impact Plan on April 8, 2008, following a public hearing, to explicitly state that a portion of the tax increment financing would be used to pay the costs associated with the construction of a new branch public library; and
WHEREAS, the library will be a state of the art public facility located in a prime retail location in the heart of Bellevue; and
WHEREAS, the revised Economic Impact Plan envisions tax increment financing being provided by the Industrial Development Board with the proceeds of the tax increment financing being used to pay all or a portion of the costs of the Project including, but not limited to, the costs of constructing a branch public library; and
WHEREAS, in accordance with the revised Economic Impact Plan, the Industrial Development Board would issue its bonds to lenders or bondholders to finance the tax increment financing eligible costs and would pledge the tax increment financing revenues to such lenders or bondholders to apply to the debt service on the tax increment financing bonds; and
WHEREAS, the tax increment financing shall not represent or constitute a debt or pledge of the faith and credit or the taxing power of the Industrial Development Board or the Metropolitan Government of Nashville and Davidson County; and
WHEREAS, the Metropolitan Government has determined that tax increment financing will promote economic growth and stability within the community.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The Metropolitan County Council hereby approves the Economic Impact Plan, in the form attached hereto as Exhibit 1 and incorporated herein by reference, being in the interests of the citizens of the Metropolitan Government of Nashville and Davidson County, and the Industrial Development Board is authorized to take such other action as may be required to implement the Economic Impact Plan.
Section 2. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Sponsored by: Bo Mitchell, Charlie Tygard, Eric Crafton
Amendment No. 1
Second Substitute Resolution No. RS2007-78
I move to amend Second Substitute Resolution No. RS2007-78 by renumbering Section 2 as Section 3, and by adding the following new Section 2:
Section 2. In the event the Director of Finance determines it is necessary to increase the base principal amount of the tax increment financing available for the Bellevue Mall project above $12,000,000 (plus costs of issuance and capitalized interest), such increase in the base principal amount shall be approved by Resolution of the Metropolitan Council prior to the Director of Finance requesting the Industrial Development Board to take such action.
Sponsored by: Charlie Tygard, Eric Crafton
Amendment No. 2
Second Substitute Resolution No. RS2007-78
I move to amend Second Substitute Resolution No. RS2007-78, as amended, by renumbering Section 3 as Section 4, and by adding the following new Section 3:
Section 3. Prior to implementation of the Economic Impact Plan approved pursuant to this Resolution, the developer(s) of the Bellevue Mall project shall submit a written minority owned business participation plan to the Industrial Development Board and the Metropolitan Government, with a copy of the plan to the Metropolitan Council. Such plan shall include a statement that the developer(s) will strive to maximize, to the extent practicable, participation of minority owned businesses through both prime and second tier business contracting opportunities associated with this project. During the construction of the project, the developer(s) shall prepare an annual written report for the Director of Finance and the Metropolitan Council describing the percentage of minority owned businesses that have been hired to complete the project, including a list of the actual expenditures to minority owned businesses.
Sponsored by: Jerry Maynard, Eric Crafton
|Referred:||Budget & Finance Committee|
|Introduced:||December 4, 2007|
|Deferred:||December 4, 2007|
|Substitute Introduced:||December 18, 2007|
|Deferred to January 15, 2008:||December 18, 2007|
|Deferred:||January 15, 2008|
|Deferred Indefinitely:||February 5, 2008|
|Second Substitute Introduced:||August 7, 2008|
|Amended:||August 7, 2008|
|Adopted:||August 7, 2008|
|Approved:||August 18, 2008|