An ordinance authorizing the transfer of certain property lying between the Shelby Street Pedestrian bridge and the Gateway Bridge located at Map 93-06, Parcel 41, Map 93-07, Parcels 35, 36, 37, 41, and 41.01, and Parcel ID 90000000370 by the Metropolitan Government of Nashville and Davidson County to the Metropolitan Development and Housing Agency for redevelopment as a public amphitheater and assembly facility with associated green space; with mixed residential and commercial areas in accordance with the goals and objectives of the Rutledge Hill Redevelopment Plan (Proposal No. 2007M-121U-9).

Whereas, the Metropolitan Government of Nashville and Davidson County presently owns certain property, located at Map 93-06, Parcel 41, Map 93-07, Parcels 35, 36, 37, 41, and 41.01 and Parcel ID 90000000370 ("Property"), which Property has been determined to be surplus by Ordinance Number BL2005-878; and

Whereas, it is in the public interest to transfer the Property to the Metropolitan Development and Housing Agency (“MDHA”) to effectuate the redevelopment of the Property for the purposes consistent with the goals and objectives of the Rutledge Hill Redevelopment Plan; and

Whereas, Ordinance BL2005-878 declared said property as surplus as of the date of its passage, February 8, 2006; and authorized the Director of Public Property Administration to transfer the entirety of the Property to the Industrial Development Board (“IDB”); and

Whereas, the authority granted to the Director of Public Property Administration has not been exercised and said property was not transferred to the IDB and is still owned by the Metropolitan Government; and

Whereas, the Metropolitan Government desires to transfer said property to MDHA for the purpose of promoting the good and proper public interest and by conditioning the transfer upon the development by MDHA of (a) a public amphitheater and assembly facility with associated green space (collectively, the “Amphitheater”) and (b) mixed residential and commercial areas, which development is consistent with the goals and objectives of the Rutledge Hill Redevelopment Plan; and

Whereas, it is in the public interest to condition this transfer to MDHA to assure that the transfer for the development of the Amphitheater and mixed residential and commercial areas occurs with no cost to Metropolitan Government; and

Whereas, it is in the public interest to further condition this transfer to require the ownership of the Property to automatically revert to the Metropolitan Government if the Property is not timely developed as an Amphitheater with mixed residential and commercial areas; or for a portion of the Property to automatically revert to the Metropolitan Government at such time as the portion of the Property developed as an Amphitheater is not used as an Amphitheater; and

Whereas, it is in the public interest to further condition this transfer on the future use of the portion of the Property used for an Amphitheater for a period of at least forty (40) years after substantial completion as an Amphitheater and to require either a reversion to the Metropolitan Government or a payment to the Metropolitan Government of the fair market value of the land at such time during the forty years after substantial completion of the Amphitheater as the property ceases to be used as an Amphitheater, the fair market value being determined as provided herein as of the date on which the property is no longer used as an Amphitheater;

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

Section 1: Section 5 of BL2005-878 is hereby repealed.

Section 2: The Metropolitan Government is hereby authorized to transfer the Metro Property (Map 93-06, Parcel 41, Map 93-07, Parcels 35, 36, 37, 41, and 41.01, and Parcel ID 90000000370) to MDHA upon the following conditions being included in the instruments of conveyance of the property, such conditions constituting the consideration for this transfer:

(a) That, as consideration for the transfer of the Property to MDHA, MDHA shall develop the Property as an Amphitheater and mixed residential and commercial areas and, further, that if this condition does not occur within 4 years of the transfer to MDHA, that the ownership of the Property shall revert to the Metropolitan Government. This condition will be fulfilled upon completion of all of the following three events (a) issuance of a building permit for the Amphitheater, (b) visible commencement of construction, and (c) evidence satisfactory to the MDHA of financial resources sufficient to complete the project, and

(b) That, as further consideration for the transfer, if anytime during forty (40) years following substantial completion of the Amphitheater, the property ceases to be used as an Amphitheater, the portion of the Property used as an Amphitheater shall revert to the Metropolitan Government or at the option of the MDHA, the MDHA may pay to the Metropolitan Government the then fair market value of the land contained in the portion of the Property used as an Amphitheater, the fair market value being determined based upon its highest and best use by three State of Tennessee certified general appraisers who are also Members of the Appraisal Institute and experienced in appraising commercial real estate. MDHA and the Metropolitan Government shall each select one appraiser and these two appraisers shall select a third appraiser unless they are unable to agree in which case the Chancellor of Part I of the Twentieth Judicial District shall select the third appraiser. The three appraisers shall either agree on an appraisal or, in the event of failure to agree, the fair market value of the subject land shall be the average of the appraisal of each of the three appraisers. This condition of reversion and/or payment to the Metropolitan Government described in this Subsection (b) shall not apply to the portion of the Property used as mixed residential and commercial areas.

Section 3: Any future amendment or modification to this ordinance may be accomplished by resolution, and

Section 4: This Ordinance shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Mike Jameson, Rip Ryman