A resolution requesting the Metropolitan Development and Housing Agency to submit monthly progress reports to the Metropolitan Council regarding the Nashville Sounds downtown baseball stadium and the corresponding mixed-use development.

WHEREAS, on February 7, 2006, the Metropolitan Council approved a Memorandum of Understanding (MOU) between the Metropolitan Government, the Industrial Development Board, the Metropolitan Development and Housing Agency (MDHA), the Nashville Sounds and Struever Bros. Eccles & Rouse regarding the construction of a new $43 million minor league baseball stadium and mixed-use development on the former thermal transfer site; and

WHEREAS, the original MOU included a December 31, 2006 closing deadline, at which time the thermal transfer property would be transferred to MDHA then leased to the Nashville Sounds, and the mixed-use tract would be sold to Struever Bros.; and

WHEREAS, the Sounds and Struever Bros. were unable to obtain the necessary financing in order to close by December 31, 2006, and thus requested an extension of the closing deadline from the Metropolitan Government; and

WHEREAS, on December 19, 2006, the Metropolitan Council approved an amendment to the MOU extending the closing deadline to April 15, 2007; and

WHEREAS, during the deliberations on the deadline extension, certain Members of Council expressed concern that the Council had not adequately been kept informed as to the progress being made toward closing on the project; and

WHEREAS, the Council now desires to receive monthly reports from MDHA detailing the actions taken during the previous month toward completion of the ballpark and mixed-use development project, both before and after closing.

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

Section 1. That the Metropolitan County Council hereby goes on record as requesting the Metropolitan Development and Housing Agency to submit monthly progress reports to the Metropolitan Council regarding the Nashville Sounds downtown baseball stadium and the corresponding mixed-use development. Such report should be submitted not later than the fifteenth day of each month and include, but not be limited to, the following information for the prior month:
1. Progress made toward obtaining the necessary financing for the project.
2. Progress made toward achieving the twenty percent goal for diversified business enterprise contractor participation.
3. The amount of minority ownership in the project.

Section 2. The Metropolitan Clerk is directed to send a copy of this Resolution to Phil Ryan, the Executive Director of the Metropolitan Development and Housing Agency.

Section 3. That this Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Ludye Wallace, David Briley, Brenda Gilmore