An ordinance amending Ordinance No. BL2003-1533, as amended, to extend the boundaries of the Downtown PILOT Program, more particularly described herein.

WHEREAS, pursuant to Tennessee Code Annotated Section 7-53-305(b), the Metropolitan Council is permitted to delegate to the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (IDB) the authority to accept agreements for payments in lieu of ad valorem taxes (PILOT) upon a finding that the payments are in furtherance of the public purpose of the IDB; and

WHEREAS, on August 19, 2003, the Metropolitan Council enacted Ordinance No. BL2003-1533, which delegated to the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County (IDB) the authority to accept PILOT agreements for the public purpose of increasing downtown development activity, in accordance with Tennessee Code Annotated §7-53-305(b); and

WHEREAS, state law provides specific conditions for the acceptance of PILOT agreements by the IDB; and

WHEREAS, Ordinance No. BL2003-1533, as amended, authorized the IDB to enter into PILOT agreements for development of the downtown area, geographically defined as the area covering approximately 80 blocks of Nashville's Central Business District that includes the areas from 1st to 9th Avenues and from Union Street to Peabody Street; and

WHEREAS, the Metropolitan Council desires to amend Ordinance No. BL2003-1533, as amended, to extend the boundaries of the Downtown PILOT program to include property within the area described below and shown on the sketch attached hereto and incorporated herein as Exhibit A; and

WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the Downtown PILOT Program be amended to include this additional area.

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

Section 1. That the Metropolitan Council hereby finds in accordance with Tennessee Code Annotated Section 7-53-305(b) that extending the boundaries of the Downtown PILOT Program to include additional properties within the area of Davidson County to availability of all types of residential housing, including affordable housing, is in furtherance of the public purpose of the IDB and in the best interest of the Metropolitan Government of Nashville and Davidson County.

Section 2. That, having made such findings, Ordinance No. BL2003-1533, as amended, be and the same is hereby amended by deleting the provisions of Section 3 and substituting in lieu thereof the following new provisions:

"That the IDB shall be specifically limited to acceptance of PILOT agreements for development projects to be located within the boundaries designated on the map attached hereto and incorporated herein as Exhibit A, and described as follows:

From the intersection of Interstate 65 and W. Trinity Lane extending west along W. Trinity Lane to Clarksville Pike; extending southeast along Clarksville Pike to Metro Center Boulevard; extending east and south along Metro Center Boulevard to Interstate 65; extending south along Interstate 65 to Interstate 40; extending southeast and east along Interstate 40 to Interstate 24; and extending northwest along Interstate 24 and Interstate 65 to W. Trinity Lane.

Section 3. That this Ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Jamie Isabel