LEGISLATIVE HISTORY
Convention & Tourism Committee
ORDINANCE NO. BL2010-764
An ordinance authorizing The Industrial Development Board of The Metropolitan Government of Nashville and Davidson County to negotiate and accept payments in lieu of ad valorem taxes with respect to Omni Nashville, LLC.
Sponsored by: Rip Ryman, Megan Barry
Amendment No. 1
To
Ordinance No. BL2010-764
Madam President:
I move to amend BL2010-764 as follows:
1. By deleting Section 3 in its entirety and replacing it with the following:
Section 3. That the Metropolitan Government hereby delegates to the Board the authority to negotiate and accept payments in lieu of all real and personal property taxes with respect to the Hotel Project and authorizes the Board to enter into an agreement with Omni evidencing such arrangement. The amount of the payment of lieu of real and personal property taxes that shall be required shall be as follows:
(a) From the date the Board enters into a lease with Omni with respect to the Hotel Project through December 31 of the year of the acquisition of the Hotel Site by Omni, the payments of lieu of real and personal property taxes shall be 100% of the Standard Tax;
(b) For the years commencing on January 1 of the year following the acquisition of the Hotel Site by Omni until December 31 of the calendar year occurring twenty (20) years thereafter, the payments of lieu of real and personal property taxes shall be 37.5% of the Standard Tax which will be used for school purposes;
(c) For any years following the period set forth in Section 3(b), the payments of lieu of real and personal property taxes shall be 100% of the Standard Tax.
The payment in lieu of real and personal property taxes for any calendar years to be paid by Omni shall be reduced by the amount of ad valorem taxes for such year actually paid by Omni by reason of its leasehold interests in the Hotel Project.
2. By deleting Section 6 in its entirety and replacing it with the following:
Section 6. That the form of the payment in lieu of tax agreement attached hereto as Exhibit A is hereby approved. The final version of the payment in lieu of tax agreement must be substantially in the form of the agreement attached as Exhibit A, and prior to being executed by the Board must be approved as to legality by the Director of Law of the Metropolitan Government and as to availability of funds by the Director of Finance.
Sponsored by: Rip Ryman, Megan Barry
| LEGISLATIVE HISTORY |
|
|---|---|
| Introduced: | September 21, 2010 |
| Passed First Reading: | September 21, 2010 |
| Referred to: | Budget & Finance Committee Convention & Tourism Committee |
| Amended: | October 5, 2010 |
| Passed Second Reading: | October 5, 2010 |
| Passed Third Reading: | October 19, 2010 |
| Approved: | October 20, 2010 |
| By: | |