An ordinance approving the disposition of certain property owned by The Metropolitan Government of Nashville and Davidson County, Tennessee, in accordance with the terms and conditions of the attached Memorandum of Understanding between The Metropolitan Government of Nashville and Davidson County, Tennessee and the Metropolitan Development and Housing Agency (232 3rd Avenue North, Tax Map 93-2-3, Parcel 155).

WHEREAS, The Metropolitan Government of Nashville and Davidson County owns a certain property located at 232 3rd Avenue North, Tax Map 93-2-3, Parcel 155; and

WHEREAS, the Metropolitan Government desires to redevelop the real property commonly known as the Stahlman Building to provide housing opportunities in downtown Nashville and return the property to the tax rolls of the county; and

WHEREAS, the Agency has the capacity and expertise to fulfill these responsibilities as outlined in the attached Memorandum of Understanding through the use of qualified, competent personnel; and

WHEREAS, the Director of Public Property Administration is authorized to transfer property, subject to the approval of the Metropolitan County Council and Mayor.

NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY, TENNESSEE:

Section 1: The Memorandum of Understanding (MOU), by and between The Metropolitan Government of Nashville and Davidson County, Tennessee and the Metropolitan Development and Housing Agency, a copy of which is attached hereto and incorporated herein, is hereby approved and all necessary officials of the Metropolitan Government are authorized to execute the same.

Section 2. The Metropolitan County Council declares that the following parcel of land owned by the Metropolitan Government to be surplus:

232 3rd Avenue North
Tax Map 93-2-3, Parcel 155

Section 3. The Director of Public Property Administration is hereby authorized to transfer said property listed above to the Metropolitan Development and Housing Agency (MDHA) and to execute the necessary documents pertaining thereto.

Section 4. In order to redevelop the property in accordance with the attached MOU, MDHA is authorized to sell the property at a price necessary to facilitate appropriate development.

Section 5. Proceeds from the sale of the above property shall be used in the following priority order: a. reasonable costs incurred by MDHA in the sale of the property; b. any project related costs necessary to insure appropriate and feasible redevelopment of the property; and c. any remainder shall go to the general fund of the Metropolitan Government.

Section 6. This ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County, Tennessee, requiring it.

Sponsored By: Ludye Wallace, Howard Gentry, Chris Ferrell & Leo Waters & Tony Derryberry

LEGISLATIVE HISTORY
Introduced:	June 5 , 2001
Passed First Reading:	June 5, 2001
Referred to:	Planning Commission - Approved 6-0 (6/27/01) Budget & Finance Committee Planning & Zoning Committee
Deferred:	June 19, 2001
Passed Second Reading:	July 17, 2001
Passed Third Reading:	August 7, 2001
Approved:	August 9, 2001
By: