ORDINANCE NO. BL2015-1304

An ordinance relinquishing the Metropolitan Government’s further interest in a building and parcel of property located at 1312 3rd Avenue North in exchange for a payment in the amount of $100,908.88. (Proposal Number 2015M-026PR-001).

WHEREAS, the Metropolitan Government owned a building and parcel of real property (the “Property”) at 1312 3rd Avenue North, Nashville, Tennessee 37208; and,

WHEREAS, the Property was conveyed to the Neighborhoods Resource Center (“NRC”) pursuant to instrument number 20070612-0070227 (the “Deed”); and,

WHEREAS, the Deed provided that the Property would revert to the Metropolitan Government in the event it ceased to be used by NRC, with the Metropolitan Government reimbursing NRC pursuant to a formula accounting for NRC’s investment in the Property and its appreciation during NRC’s ownership; and,

WHEREAS, as described in the letter attached as Exhibit A to this ordinance, NRC proposes to pay the Metropolitan Government $100,908.88 for its interest in the Property in exchange for a release of the Metropolitan Government’s reversionary interest.

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

Section 1. The Metropolitan Government hereby relinquishes its reversionary interest in the Property as requested by and in exchange for the payment contemplated in Exhibit A.

Section 2. The Metropolitan Mayor or his designee is further authorized to execute such documents as are customary and necessary to accomplish the release of the Property interests contemplated herein, including execution and delivery of a quitclaim deed.

Section 3. This Ordinance shall take effect from and after its passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Erica Gilmore, Bill Pridemore, Walter Hunt, Karen Johnson

If you would like a copy of the attachment to any ordinance or resolution, please email your request to the Metro Clerk's Office at metro.clerk@nashville.gov

LEGISLATIVE HISTORY
Introduced:	July 21, 2015
Passed First Reading:	July 21, 2015
Referred to:	Planning Commission - Approved Budget & Finance Committee Planning & Zoning Committee
Passed Second Reading:	August 4, 2015 - Roll Call Vote (30-4)
Passed Third Reading:	August 18, 2015 - Roll Call Vote
Approved:	August 19, 2015
By: