An ordinance approving a Memorandum of Understanding by and among the Metropolitan Government, the Metropolitan Development and Housing Agency, the Industrial Development Board, Struever Bros. Eccles & Rouse Development Holdings LLC, and the Nashville Sounds Baseball Club Limited Partnership, providing for future approvals by Resolution, and designating the Industrial Development Board as responsible for the stadium and as a comparable municipal agency to receive certain sales tax revenues pursuant to Tennessee Code Annotated Section 67-6-103(d)(1)(A) (Proposal No. 2005M-219U-09).

Whereas, by Resolution RS2004-140 the Metropolitan Council created a task force to determine the highest and best use of the property previously occupied by the Nashville Thermal Transfer Plant ("thermal property"); and

Whereas, the task force recommended that the thermal property be developed with a new minor league baseball stadium and mixed residential and commercial use development; and

Whereas, the Metropolitan Council accepted the task force's report, by Resolution RS2004-461; and

Whereas, the Metropolitan Government has endeavored to structure an agreement to so develop the thermal property, in a manner that is financially viable and minimizes the risks to the citizens of the Metropolitan Government; and

Whereas, the Memorandum of Understanding ("Agreement") by and among the Metropolitan Government, the Metropolitan Development and Housing Agency, the Industrial Development Board, Struever Bros. Eccles & Rouse Development Holdings LLC, and the Nashville Sounds Baseball Club Limited Partnership, is attached hereto, and sets forth certain obligations on behalf of the Metropolitan Government and other parties; and

Whereas, approval of the Agreement will benefit the citizens of Metropolitan Nashville and Davidson County.

Now, therefore, be it enacted by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1. That the Memorandum of Understanding ("Agreement") by and among the Metropolitan Government, the Metropolitan Development and Housing Agency, the Industrial Development Board, Struever Bros. Eccles & Rouse Development Holdings LLC, and the Nashville Sounds Baseball Club Limited Partnership, as attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is authorized to execute the same.

Section 2. That any amendments to the Agreement must be approved by Resolution of the Metropolitan Council receiving twenty-one affirmative votes.

Section 3. That any and all subsequent agreements and leases contemplated by the Agreement may be approved by Resolution of the Metropolitan Council receiving twenty-one affirmative votes.

Section 4. That the Industrial Development Board is designated by the Metropolitan Government of Nashville and Davidson County as the entity that is responsible for construction and maintenance of the new baseball stadium, and for retirement of the debt incurred to construct such new baseball stadium, as contemplated by the Agreement, and is designated as a comparable municipal agency to receive all of the sales tax revenues related to the operation of the new baseball stadium contemplated by the Agreement, as specified by and to the maximum extent provided by Tennessee Code Annotated Section 67-6-103(d)(1)(A).

Section 5. That this Ordinance shall take effect from and after its final passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Mike Jameson, Jim Forkum, Amanda McClendon, Rip Ryman, Buck Dozier

View Memorandum of Understanding

View Exhibit A

View Exhibit B

View Exhibit C

View Exhibit D

LEGISLATIVE HISTORY
Introduced:	December 6, 2005
Passed First Reading:	December 6, 2005
Referred to:	Planning Commission Budget & Finance Committee Parks, Library, Recreation & Public      Entertainment Facility Committee Planning & Zoning Committee
Deferred:	December 20, 2005
Passed Second Reading:	January 17, 2006 - Roll Call Vote
Passed Third Reading:	February 7, 2006 - Roll Call Vote
Approved:	February 8, 2006
By: