WHEREAS, The Metropolitan Government of Nashville and Davidson County owns a certain property located at Hermitage Avenue, Franklin Street and Peabody Street, (Tax Map 93-11, Parcels 85, 105, 106, 107, 108, 242 and Map 93-7, Part of Parcel 41); and

WHEREAS, the Metropolitan Government desires to redevelop the real property commonly known as Rolling Mill Hill (Property) as a mixed use development and to provide housing opportunities in downtown Nashville and return the property to the tax rolls of the county; and

WHEREAS, the Agency has prepared a market feasibility study for the Property detailing specific uses for the site; and

WHEREAS, the Agency is preparing a Master Plan for the Property which details the locations and types of uses that will be used in the redevelopment of the Property; and

WHEREAS, the Agency has the capacity and expertise to fulfill these responsibilities 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 Metropolitan County Council declares that the following parcel of land owned by the Metropolitan Government to be surplus:

Hermitage Avenue, Franklin Street and Peabody Street
Tax Map 93-11, Parcels 85, 105, 106, 107, 108, 242 and Map 93-7, Part of Parcel 41

Section 2. The Director of Public Property Administration is hereby authorized to transfer said property listed above in portions as needed to the Metropolitan Development and Housing Agency and to execute the necessary documents pertaining thereto.

Section 3. With the approval of the Director of Finance, proceeds from the sale of the above property shall be used to cover the reasonable costs incurred by MDHA for the planning and sale of the property, any write-down of costs to insure appropriate and feasible redevelopment of the property, relocation, and any remainder shall go to the general fund of the Metropolitan Government.

Section 4. 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, Leo Waters

LEGISLATIVE HISTORY
Introduced:	July 1, 2003
Passed First Reading:	July 1, 2003
Referred to:	Planning Commission - Approved 9-0 (07/10/2003) Budget & Finance Committee Public Works Committee
Passed Second Reading:	July 15, 2003
Passed Third Reading:	August 5, 2003
Approved:	August 6, 2003
By: