A resolution approving a housing incentive grant agreement between the Metropolitan Government of Nashville and Davidson County and Hill Center Sylvan Heights, LLC for the conversion of workforce housing units located at 601 and 610 Sylvan Heights Way.
WHEREAS, the Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) is vitally interested in the provision of affordable housing for its citizens; and,
WHEREAS, the provision of affordable housing to area citizens, especially teachers, is both necessary and vital to the retention of an exceptional workforce within Nashville and Davidson County; and,
WHEREAS, Ordinance No. BL2016-342 created a mechanism for grants to be made to qualifying developers that convert market-based rental units into affordable or workforce rental units; and
WHEREAS, Hill Center Sylvan Heights, LLC (the “Recipient”) has agreed to convert 15 apartments into workforce rental units at its development located at 601 and 610 Sylvan Heights Way pending approval of a Housing Incentive Pilot Program Grant Agreement (the “Grant Agreement”) to subsidize the costs of housing the workforce residents; and,
WHEREAS, pursuant to the grant calculation method set out in Ordinance No. BL2016-342, the Recipient is eligible to receive a grant not to exceed $186,444; and
WHEREAS, it is in the interest and welfare of the citizens of the Metropolitan Government that the Grant Agreement in the form attached hereto as Exhibit A be approved.
NOW, THEREFORE, BE IT RESOLVED BY THE METROPOLITAN COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The terms and provisions of the Grant Agreement are hereby approved.
Section 2. The Metropolitan Mayor or her designee is hereby authorized to execute the Grant Agreement and perform all such acts necessary to carry out and comply with the provisions of the Grant Agreement as executed.
Section 3. Notwithstanding anything to the contrary herein, the Metropolitan Government's obligation to make any payments pursuant to the Grant Agreement is contingent upon the appropriation of funds for such purpose by the Metropolitan Council.
Section 4. This Resolution shall take effect from and after its adoption, the welfare of the Metropolitan Government requiring it.
Sponsored by: Kathleen Murphy, Fabian Bedne, John Cooper
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|Referred to:||Ad-Hoc Affordable Housing Committee
Budget & Finance Committee
|Introduced:||July 18, 2017|
|Withdrawn:||July 18, 2017|
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