ORDINANCE NO. BL2015-1274

An Ordinance Approving the Cayce Place Redevelopment Plan

WHEREAS, the Metropolitan Development and Housing Agency desires to support the redevelopment activities of the Cayce Place area bordered to the west by Interstate 24, to the south by Crutcher Street, to the east by the Shelby Hills neighborhood, and to the north by Shelby Avenue; and

WHEREAS, the Metropolitan Development and Housing Agency has completed studies and prepared a plan for redevelopment entitled "Cayce Place Redevelopment Plan," (herein referred to as the "Plan") consisting of a text, Redevelopment Plan (R.P.) Maps 1, 2 and 3, and Exhibit "A" attached thereto, all dated June 9, 2015, which have been filed with and referred to the Metropolitan Council of Nashville and Davidson County, Tennessee (herein referred to as the "Governing Body") for review and approval; and

WHEREAS, the Metropolitan Development and Housing Agency has examined the area proposed for inclusion in the redevelopment project and determined that it is a blighted area with vacant underutilized land, buildings or improvements which, by reason of dilapidation, obsolescence, overcrowding, lack of ventilation, light and sanitary facilities, deleterious land use, or any combination of these or other factors are detrimental to the safety, health, morals or welfare of the community and that such conditions should be eliminated in the public interest and the members of this Governing Body have been duly apprised and are aware of these conditions; and

WHEREAS, the project is located in Metropolitan Nashville and Davidson County, Tennessee and is to be undertaken by the Metropolitan Development and Housing Agency in accordance with and in furtherance of the objectives of Article I, Section 8 and 21 and Article II, Section 28 of the Constitution of Tennessee: 'The Housing Authorities Law,' Chapters 20 and 45, Public Acts of Tennessee of 1935 (1st Extraordinary Session), as amended; Chapter 114 of Public Acts of Tennessee of 1945, as amended; Chapter 181 of Public Acts of Tennessee of 1955 (said statutes now codified in Tennessee Code Annotated Sections 13-20-201 through 13-20-209); and

WHEREAS, the Metropolitan Development and Housing Agency desires to utilize the tax increment funding provision pursuant to Tennessee Code Annotated 13-20-205 in furtherance of its projects; and

WHEREAS, the Plan for the area prescribes certain land uses and controls and provides for the acquisition by negotiation or otherwise of certain properties for public use or for resale to a redeveloper or redevelopers; and

WHEREAS, the members of the Governing Body have carefully considered and reviewed the proposal for redevelopment, including the relocation of businesses that may be displaced; and

WHEREAS, in order to implement the Plan, the Governing Body must approve and authorize certain actions;

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

Section 1. That it is hereby found and determined that the redevelopment area defined by the Plan entitled "Cayce Place Redevelopment Plan," dated June 9, 2015, is a blighted area as defined in and in accordance with Tennessee Code Annotated Sections 13-20-201 through 13-20-209; that conditions existing therein are detrimental to the safety, health, morals or welfare of the people of Nashville and Davidson County, that said area or such portions thereof as deemed necessary for acquisition by the Metropolitan Development and Housing Agency by negotiation or otherwise, as provided by Tennessee Code Annotated 13-20-104 and 13-20-202, and so designated pursuant to the Plan, or any amendment or amendments thereto, should be so acquired by the Metropolitan Development and Housing Agency; and that such blighted conditions should be eliminated.

Section 2. That the Plan entitled "Cayce Place Redevelopment Plan," consisting of a text, Redevelopment Plan (R.P.) Maps 1, 2 and 3, and Exhibit "A" attached thereto, all dated June 9, 2015, as filed with the Metropolitan Clerk, is hereby in all respects approved.

Section 3. That it is hereby found and determined that the Plan for the project area conforms to the General Plan for Nashville.

Section 4. That the use of tax increment funding pursuant to Tennessee Code Annotated 13-20-205, is hereby approved for undertaking activities specified in the Plan.

A total annual increase in property taxes so generated is unlikely to occur within the Project Area without the redevelopment activities of MDHA. Therefore, the Metropolitan Government as the taxing agency within the Project Area has not been and will not be negatively impacted by this increase in tax increment funding authority.

Private investment and redevelopment is not likely to occur in the District without the activities of MDHA. The use of tax increment financing will spur new development and assist in replacing and updating aging infrastructure. TIF can be utilized for other purposes such as wider sidewalks and streetscape improvements, preservation of historic structures which can equal or exceed the cost of new construction and remediate environmental issues inside structures and under the ground.

The total amount of bonded or other indebtedness to be incurred may not exceed $30 million with a final maturity on or before December 31, 2045, provided that the principal amount of any debt refunded or refinanced shall not be counted in computing such total. Upon retirement of all bonds, loans, or other indebtedness incurred and payable from tax increment funds or at such time as moneys on deposit in the tax increment fund or funds are sufficient for such purpose, all property taxes resulting from the incremental development of the Project shall be retained by the Metropolitan Government. Activities or improvements eligible for tax increment financing shall include planning, engineering and legal expenses; administrative costs; land acquisition; relocation; site clearance; and streets, pedestrian-ways, utilities, public open spaces, parking garages, and other uses as allowed under State law, or other structures or public improvements necessary for carrying out the Cayce Place Redevelopment Plan, or other adopted and approved redevelopment plans.

Section 5. That it is hereby found and determined that, in addition to the elimination of blight from the project area, the undertaking of the project in such area will further promote the public welfare and proper development of the community.

Section 6. That it is hereby found and determined that the Plan for the project area will afford maximum opportunity, consistent with sound needs of the locality as a whole, for the redevelopment of the area by private enterprise.

Section 7. That the Metropolitan Clerk is directed to file this Ordinance together with the Plan referred to herein as a part of the minutes of this meeting.

Section 8. That 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: Peter Westerholm

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LEGISLATIVE HISTORY
Introduced:	July 7, 2015
Passed First Reading:	July 7, 2015
Referred to:	Planning Commission Budget & Finance Committee Planning & Zoning Committee
Passed Second Reading:	July 21, 2015
Passed Third Reading:	August 4, 2015
Approved:	August 10, 2015
By: