RESOLUTION NO. RS2003-1514

A resolution approving fiscal year 2003-2004 Central Business Improvement District Budget.

WHEREAS, Tennessee Code Annotated, § 7-84-501 et seq. ("Central Business Improvement District Act of 1990") authorizes municipalities to create a Central Business Improvement District and to specially assess properties within the District to finance enhanced services and improvements; and

WHEREAS, Ordinance No. 098-1037 authorized the creation of a Central Business Improvement District and a CBID management corporation ("District Management Corporation") with the necessary powers and authority to carry out the purposes and intent of the Central Business Improvement District Act of 1990, which Ordinance is codified as Title 2, Chapter 174 of the Metropolitan Code of Laws; and

WHEREAS, Tennessee Code Annotated, § 7-84-519(e) requires a management corporation to submit an annual budget for review and approval by the governing body;

WHEREAS, pursuant to Tennessee State law Section 2.174.070 requires the District Management Corporation to submit a proposed budget to the Metropolitan Council for approval; and

WHEREAS, pursuant to Ordinance 098-1270, the Metropolitan Council provided that future annual budgets submitted by the District Management Corporation may be approved by Resolution by twenty-one affirmative votes of the Metropolitan Council; and

WHEREAS, it is in the interest of the citizens of Nashville and Davidson County that the Metropolitan Council approve the budget proposed for Fiscal Year 2003-2004 by the District Management Corporation.

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

Section 1. That the Budget for Fiscal Year 2003-2004, submitted by the District Management Corporation for the Central Business Improvement District, which budget is attached hereto as Exhibit A and, incorporated herein by reference, is hereby approved; provided that, the District Management Corporation shall not expend revenues in excess of the amount of special assessments actually collected.

Section 2. This Resolution shall take effect from and after its passage, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Craig Jenkins

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	July 15, 2003
Adopted:	July 15, 2003
Approved:	July 17, 2003
By: