ORDINANCE NO. BL2017-787

An ordinance amending section 2.176.080 of the Metropolitan Code of Laws revising the rate of levy of the special assessment for the Gulch Central Business Improvement District for Metropolitan Nashville and Davidson County, Tennessee.

WHEREAS, on January 5, 2016, pursuant to Ordinance No. BL2015-67, the Metropolitan Council amended Title 2 of the Metropolitan Code of Laws to authorize the creation of a Gulch Central Business Improvement District for Metropolitan Nashville and Davidson County, and to appoint a corporation to act as an advisory board to the District; and

WHEREAS, the initial rate of levy of the special assessment for the GCBID was set within Ordinance No. BL2015-67 at a rate of assessment not exceeding eighteen cents ($0.18) per $100 of assessed value of real property for calendar year 2017, and not exceeding fifteen cents ($0.15) per $100 of assessed value of real property for calendar year 2018; and

WHEREAS, Tennessee Code Annotated § 67-5-1601 requires that a reappraisal of all real property and an equalization of assessments be completed in every county in Tennessee every six (6) years, and further allows a reappraisal every four (4) years as determined by the Assessor of Property with the review of the local governing body; and

WHEREAS, the Metropolitan Assessor of Property has conducted a reappraisal subsequent to the adoption of Ordinance No. BL2015-67, necessitating the adoption of a revised rate of assessment for the 2017 tax billing within the Gulch Central Business Improvement District.

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

Section 1. Subsection 2.176.080 of the Metropolitan Code of Laws is hereby amended by deleting subsection B thereof in its entirety and substituting the following in lieu thereof:

B. The initial rate of levy of the special assessment for the GCBID shall be a rate of assessment not exceeding eighteen cents ($0.18) per $100 of assessed value of real property for calendar year 2017, and shall be $0.1081 per $100 of assessed value for the 2017 Metro tax billing to fund the 2018 GCBID budget of $482,000. Such rate of levy shall continue in force until changed by the Metropolitan Council in accordance herewith. A change 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 changed. 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.

Section 2. 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: Freddie O'Connell, John Cooper

LEGISLATIVE HISTORY
Introduced:	June 20, 2017
Passed First Reading:	June 20, 2017
Referred to:	Budget & Finance Committee
Passed Second Reading:	July 6, 2017
Public Hearing Scheduled For:	July 18, 2017
Passed Third Reading:	July 18, 2017
Approved:	July 24, 2017
By:

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