ORDINANCE NO. BL2016-495

An Ordinance amending Title 2 of the Metropolitan Code of Laws relative to Economic and Community Development Incentive Grants.

Be it enacted by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1. Section 2.210.020 of Metropolitan Code is amended by adding the following additional sentence at the end of subsection A:

The memorializing agreement shall address, in a separately labeled section, what amount or portion of incentive grants shall be returned or refunded by the qualified company in the event the qualified project fails to create at least five hundred new jobs within the boundaries of the metropolitan government during the first five years of operations or during the first five years of an expansion of operations.

Section 2. Section 2.210.020 of Metropolitan Code is further amended by adding the following additional sentence at the end of subsection B:

The memorializing agreement shall address, in a separately labeled section, what amount or portion of incentive grants shall be returned or refunded by the qualified company in the event it fails to create at least five hundred new jobs within the boundaries of the metropolitan government during the first five years of operations or during the first five years of an expansion of operations.

Section 3. Section 2.212.020 of Metropolitan Code is amended by adding the following additional sentence at the end of subsection A:

The memorializing agreement shall state, in a separately labeled section, what amount or portion of incentive grants shall be returned or refunded by the qualified small business in the event it fails to create at least ten new full-time equivalent jobs at the qualified project site within a twelve-month period at the qualified project site who are making an average wage rate equal to or greater than eighty percent of the annual wage rate average for all occupations within the Nashville-Davidson County Metropolitan Statistical Area as published by the United States Department of Labor, Bureau of Labor Statistics.

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: John Cooper