ORDINANCE NO. BL2008-213

ORDINANCE NO. BL2008-213

An Ordinance amending Chapter 2.176 of the Metropolitan Code to change the rate of the special assessment to be levied on real property within the area of the Gulch Central Business Improvement District.

WHEREAS, pursuant to the Central Business Improvement District Act of 1990, property owners in a confined area within "the Gulch" area of downtown Nashville representing at least 51% of the real property owners and at least 67% of the assessed value of all real property within that area, presented petitions to the Metropolitan Government of Nashville and Davidson County requesting creation of a Gulch Central Business Improvement District (the "District") for the Gulch area; and

WHEREAS, on August 15, 2006, the Metropolitan Council enacted Ordinance No. BL2006-1123, as amended, which authorized the creation of a Gulch Central Business Improvement District (GCBID) with an initial special assessment rate of fifteen cents ($0.15) per $100 of assessed value of real property ; and

WHEREAS, in accordance with § 2.176.080 of the Metropolitan Code, the District Management Corporation for the GCBID has submitted a resolution initiating an increase in the rate of assessment from fifteen cents ($0.15) to ninety-one cents ($0.91) per $100 of assessed value of real property for calendar year 2009, which resolution was approved at an election by a majority in number of the owners of real property within the GCBID representing at least two-thirds of the assessed value of the property within the area; and

WHEREAS, the resolution approved by the District Management Corporation for the GCBID further provides for a decrease in the amount of the special assessment for calendar years 2010, 2011 and 2012, respectively; and

WHEREAS, Tenn. Code Ann. § 7-84-522(f) provides that the governing body of the municipality must hold a public hearing to change the rate or impose an additional rate of special assessment; and

WHEREAS, the public hearing procedure outlined in Tenn. Code Ann. § 7-84-514 provides that notice of the public hearing shall be given by publishing a notice once a week for three consecutive weeks in a newspaper of general circulation in the municipality, which public hearing shall be at least seven days following the date of publication of the third and final notice; and

WHEREAS, pursuant to Tenn. Code Ann. § 7-84-515, the public hearing is to take place prior to the third and final reading on the ordinance; and

WHEREAS, it is in the best interest of the citizens of Nashville and Davidson County that, after holding a public hearing, the special assessment rate be changed for the GCBID effective for calendar year 2009 and thereafter as provided in this ordinance.

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

Section 1. That Section 2.176.080 of the Metropolitan Code is hereby amended as follows:

1. By deleting subsection A. in its entirety and substituting in lieu thereof the following new subsection A.:

“A. The estimated costs of the proposed improvements, services projects and other permitted uses of special assessment revenues for calendar year 2009 and thereafter is three hundred fifty thousand dollars ($350,000).”

2. By deleting subsection B. in its entirety and substituting in lieu thereof the following new subsection B.:

B. 1. The initial rate of levy of the special assessment for the GCBID shall be fifteen cents ($0.15) per one hundred dollars of assessed value of real property.
2. The rate of levy of the special assessment for the GCBID for calendar years 2009, 2010, 2011, 2012 and thereafter shall be as follows:
a. Ninety-one cents ($0.91) per one hundred dollars of assessed value of real property for calendar year 2009, to be levied in 2008.
b. Forty-Three cents ($0.43) per one hundred dollars of assessed value of real property for calendar year 2010, to be levied in 2009.
c. Twenty-five cents ($0.25) per one hundred dollars of assessed value of real property for calendar year 2011, to be levied in 2010.
d. Twenty cents ($0.20) per one hundred dollars of assessed value of real property for calendar year 2012, to be levied in 2011.
3. From and after calendar year 2012, such rate of levy shall continue in force at Twenty cents ($0.20) per one hundred dollars of assessed value of real property until changed in accordance herewith.
4. An increase in the rate of levy of such special assessment may be initiated only by a resolution of the District Management Corporation requesting that the rate be increased. Further, this resolution must be approved in an election held by the District Management Corporation by not less than a majority in number of the owners of real property in the district voting in said election. Upon receipt of this resolution from the District Management Corporation, the Metropolitan Council must hold a public hearing on whether there should be a change in the rate of levy for the special assessment and no such change shall become effective unless and until it is approved by an ordinance enacted by the Metropolitan Council.
5. A decrease in the rate of levy of such special assessment may be initiated by the District Management Corporation requesting that the rate be decreased. Upon receipt of this resolution from the District Management Corporation, the Metropolitan Council must hold a public hearing on whether the rate of levy for the special assessment shall be reduced as requested by the District Management Corporation, and the reduction shall not become effective unless and until it is approved by an ordinance enacted by the Metropolitan Council.

Section 2. This Ordinance shall take effect from and after its enactment, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

LEGISLATIVE HISTORY
Introduced:	May 6, 2008
Passed First Reading:	May 6, 2008
Referred to:	Budget & Finance Committee
Passed Second Reading:	May 20, 2008
Passed Third Reading:	June 3, 2008
Approved:	June 5, 2008
By: