RESOLUTION NO. RS2009-603
A resolution designating a certain geographic area of Downtown Nashville as a tourism development zone for the purpose of financing the Music City Center complex.
WHEREAS, the Convention Center and Tourism Development Financing Act of 1998, currently codified as Tenn. Code Ann. § 7-88-101, et. seq. (such act, as heretofore or hereafter amended, the "Act"), was enacted to provide a financing mechanism for the development of convention centers and other similar public use facilities that will attract and serve major tourism destinations, thereby fostering economic benefits to the state and hosting cities and counties; and
WHEREAS, the Metropolitan Government of Nashville and Davidson County intends to develop and construct a new convention center complex, The Music City Center, located within its urban services district boundaries of The Metropolitan Government of Nashville and Davidson County, Tennessee (the "Metropolitan Government"); and
WHEREAS, said construction will contain approximately one million square feet, inclusive of exhibit halls, ballrooms, meeting rooms, lobbies, corridors, service areas and other building areas and ancillary facilities permitted under Tenn. Code Ann. § 7-88-101, et. seq., and will involve a local investment of public or private funds of not less than $500,000,000; and
WHEREAS, The Music City Center will constitute a "qualified public use facility" within the meaning of Tenn. Code Ann. § 7-88-103(7); and
WHEREAS, in order to be eligible to receive certain allocations of state and local sales and use taxes as provided in Tenn. Code Ann. § 7-88-101, et. seq., the Metropolitan Government of Nashville and Davidson County must designate a geographic area that will be beneficially impacted by The Music City Center, and
WHEREAS, such geographic area shall be called The Music City Center Tourism Development Zone, and
WHEREAS, such a tourism development zone and a qualified public use facility shall be subject to certification by application to the State of Tennessee Department of Finance and Administration, and
WHEREAS, for the purpose of maintaining existing financing agreements and covenants, it is not the intent of the Metropolitan Government to include within the Music City Center Tourism Development Zone properties currently operated by The Sports Authority of the Metropolitan Government of Nashville and Davidson County with respect to which state sales tax revenues are, as of the date hereof, being allocated pursuant to Tenn. Code Ann. § 67-6-103(d)(1)(A) and (B) (collectively, the "Sports Authority Properties").
WHEREAS, it is to the benefit of the citizens of the Metropolitan Government of Nashville and Davidson County that the financing mechanism provided by the Act be obtained.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The geographic area to be known as the Music City Center Tourism Development Zone, which is described in the map and surveyor’s description that is attached hereto as Exhibit A and incorporated herein by reference, is located in the urban services district of the Metropolitan Government of Nashville and Davidson County, and is hereby designated as a "tourism development zone" within the meaning of the Act.
Section 2. The designation of the geographic area to be known as the Music City Center Tourism Development Zone shall specifically exclude the Sports Authority Properties.
Section 3. The Mayor and the Director of Finance are hereby authorized to file with the Tennessee Department of Finance and Administration an application, pursuant to Tenn. Code Ann. § 7-88-108, seeking certification of the above-described tourism development zone and the above-described convention center as a qualified public use facility.
Section 4. 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: Jim Forkum, Mike Jameson, Greg Adkins, Tim Garrett
|Referred to:||Budget & Finance Committee
Convention & Tourism Committee
|Introduced:||January 20, 2009|
|Adopted:||January 20, 2009|
|Approved:||January 22, 2009|