A resolution to accept agreements for payments in lieu of ad valorem taxes (PILOT) as approved by the Industrial Development Board.

WHEREAS, in 2002, the Metropolitan Council adopted and the Mayor approved Resolution No. RS2002-1067, a resolution supporting increased downtown housing options and requesting the financial participation of Metro Government and MDHA by means such as tax incentives for private developers to encourage development activity; and

WHEREAS, pursuant to Tennessee Code Annotated Section 7-53-305(b), the Metropolitan Council is permitted to delegate to the Industrial Development Board of Nashville and Davidson County (IDB) the authority to accept agreements for payments in lieu of ad valorem taxes (PILOT) upon a finding that the payments are in furtherance of the public purpose of the IDB; and

WHEREAS, in 2003, the Metropolitan Council adopted and the Mayor approved as amended Ordinance No. BL2003-1533, an ordinance delegating to the IDB the authority to accept agreements for payments in lieu of ad valorem taxes; and

WHEREAS, Ordinance No. BL2003-1533, as amended, requires that within 14 days of receipt of approval by the Mayor of the IDBs action, a resolution ratifying the PILOT agreement should be considered at the first Council meeting at which the resolution can properly be placed on the Council agenda in conformance with Council Rules of Procedure.

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

SECTION 1: That the Metropolitan Council hereby finds in accordance with Tennessee Code Annotated Section 7-53-305(b) that increasing the availability of all types of housing in the downtown area, including affordable housing, is in furtherance of the public purpose of the IDB and in the best interest of the Metropolitan Government of Nashville and Davidson County.

SECTION 2. That the IDB shall be specifically limited to acceptance of PILOT agreements for development projects to be located in the downtown area, defined as the area covering approximately 80 blocks of Nashville's Central Business District that includes the areas from 1st to 9th Avenues and from Union Street to Peabody Street.

SECTION 3: That, having made such findings, the Metropolitan Council hereby ratifies the agreement between the Industrial Development Board of the Metropolitan Government of Nashville and Davidson County, The Lofts at 160 LLC, and the Metropolitan Government of Nashville and Davidson County to accept payments in lieu of ad valorem taxes in a manner consistent with the provisions of state law, the terms of the Downtown PILOT Program, and for the public purpose of increasing downtown development activity.

SECTION 4. That 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: Mike Jameson

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LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	July 19, 2005
Adopted:	July 19, 2005
Approved:	July 25, 2005
By: