RESOLUTION NO. RS2016-399
A resolution amending the economic and community development incentive grant made to the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County for the benefit of Bridgestone Americas, Inc. and its affiliates.
WHEREAS, The Metropolitan Government of Nashville and Davidson County (“Metropolitan Government”) is vitally interested in the economic welfare of the citizens living within the area of the Metropolitan Government (such area, the “County”) and wishes to provide the leadership necessary to enhance this area's capabilities for growth and development; and
WHEREAS, the provision of quality jobs to area citizens by local business is both necessary and vital to the economic well-being of the Metropolitan Government; and
WHEREAS, pursuant to Tenn. Code Ann. § 5-9-101(26) and Chapter 2.210 of the Metropolitan Code, the Council authorized, by Resolution No. RS2014-1289, an economic incentive grant to be made to the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County (“Board”) for the benefit of Bridgestone Americas, Inc. and its affiliates (“BSAM”) located at the Project (as defined in Exhibit A hereto); and
WHEREAS, BSAM has announced its decision to expand its headquarters by opening a satellite location in the southeastern portion of the County (“Project Expansion”); and
WHEREAS, in its initial scope and configuration, the Project Expansion will consist of a build out of approximately 77,218 square feet of office space on a parcel of land located at 5244 Hickory Hollow Pkwy, Nashville, Tennessee; and
WHEREAS, BSAM anticipates that the occupancy of the Project and the Project Expansion by Company Entities (as defined in Exhibit A hereto) collectively will result in the creation of more than 500 Incremental Company Entity Positions (as defined in Exhibit A hereto) during the first five years of the completion of the Project and Project Expansion; and
WHEREAS, the Metropolitan Government has found that (1) the Project and Project Expansion collectively meet the criteria of a “qualified project” under Section 2.210.010 of the Metropolitan Code, (2) any Company Entities that occupy the Project and Project Expansion meet the criteria of a “qualified company” under Section 2.210.010 of the Metropolitan Code, and (3) the Project and Project Expansion collectively meet the criteria to be eligible to receive the benefits of an economic and community development incentive grant as authorized by Sections 2.210.020(A) and (B) of the Metropolitan Code; and
WHEREAS, the Metropolitan Government has found that the development and construction of the Project Expansion within the County, the related investment and growth in connection therewith, and the employment growth in the County as a result of the foregoing will significantly expand employment and other commercial opportunities for area citizens; and
WHEREAS, it is in the interest and welfare of the citizens of the Metropolitan Government to approve and execute the Amended and Restated Economic and Community Development Incentive Grant Agreement (“Amended Agreement”) with the Board and BSAM in the form attached hereto as Exhibit A.
NOW, THEREFORE BE IT RESOLVED BY THE METROPOLITAN COUNTY COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the Metropolitan Government shall make annual economic and community development incentive grant payments to the Board for the benefit of BSAM and other Company Entities (as defined in Exhibit A hereto), that occupy the Project Expansion during the Grant Period (as defined in Exhibit A hereto).
Section 2. That the amount of the annual incentive grant payments authorized hereby be calculated by multiplying the number of Incremental Company Entity Positions (as defined in Exhibit A hereto) for each Grant Year (as defined in Exhibit A hereto) by $500.
Section 3. Notwithstanding anything to the contrary herein or in the Amended Agreement, the Metropolitan Government's obligation to make any payments hereunder is contingent upon the annual appropriation of funds for such purpose by the Metropolitan Council.
Section 4. That the Amended Agreement by and among the Metropolitan Government, the Board and BSAM, the form of which is attached hereto as Exhibit A and incorporated herein by reference, is hereby approved, and the Mayor is authorized to execute the same; provided, however, that the Amended Agreement must be approved as to legality by the Metropolitan Government Department of Law prior to being executed by the Metropolitan Government or the Board.
Section 5. That any material amendments, renewals, or extension of the terms of the Amended Agreement must be approved by resolution of the Metropolitan Council.
Section 6. That 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: Jacobia Dowell, John Cooper
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|Referred to:||Budget & Finance Committee|
|Introduced:||October 18, 2016|
|Adopted:||October 18, 2016|
|Approved:||October 19, 2016|
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