ORDINANCE NO. BL2017-788

ORDINANCE NO. BL2017-788

An ordinance amending section 2.177.080 of the Metropolitan Code of Laws setting the rate of levy of the special assessment for the Downtown Central Business Improvement District for Metropolitan Nashville and Davidson County, Tennessee.

WHEREAS, on March 7, 2017, pursuant to Ordinance No. BL2017-580, the Metropolitan Council amended Title 2 of the Metropolitan Code of Laws to authorize the creation of a Downtown 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 Downtown CBID was to be calculated from midyear 2017 records of the Metro Tax Assessor, dividing the 2018 CBID budget of $2,474,943 budget by the total assessed value in the Downtown CBID to determine the required assessment rate per dollar of assessed property value.

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. BL2017-580, allowing for the adoption of a specified rate of assessment for the 2017 tax billing within the Downtown Central Business Improvement District.

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

Section 1. Subsection 2.177.080 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 Downtown CBID, based on May 16, 2017, records of the Metro Tax Assessor, shall be $0.001294 per dollar of assessed property value. 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 from the District Management Corporation. 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, and no such change shall become effective unless and until it is approved by an ordinance enacted by the Metropolitan Council.

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

AMENDMENT NO. 1
TO
ORDINANCE NO. BL2017-788

Mr. President –

I move to amend Ordinance No. BL2017-788 as follows:

I. By amending the second recital paragraph by deleting it in its entirety and substituting therefore the following:

WHEREAS, the initial rate of levy of the special assessment for the Downtown CBID was to be calculated from midyear 2017 records of the ~~Metro Tax Assessor~~ Metropolitan Assessor of Property, dividing the 2018 CBID budget of $2,474,943 budget by the total assessed value in the Downtown CBID to determine the required assessment rate per dollar of assessed property value.

II. By amending Section 1 by deleting it in its entirety and substituting therefore the following:

Section 1. Subsection 2.177.080 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 Downtown CBID, based on May 16, 2017, records of the ~~Metro Tax Assessor~~ Metropolitan Assessor of Property, shall be $0.001294 per dollar of assessed property value. 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 from the District Management Corporation. 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, and no such change shall become effective unless and until it is approved by an ordinance enacted by the Metropolitan Council.

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
Amended:	July 18, 2017
Passed Third Reading:	July 18, 2017
Approved:	July 24, 2017
By: