A resolution requesting the Industrial Development Board to consider the use of tax increment financing to promote economic development and commercial growth of the Highway 70 corridor in Bellevue and the Hickory Hollow Mall area.

WHEREAS, the citizens of Bellevue are disappointed with the lack of commercial development along the Highway 70 corridor in Bellevue, especially the Bellevue Mall, a map of which is attached hereto and incorporated herein as Exhibit A; and

WHEREAS, the residents in the vicinity of Hickory Hollow Mall desire to see further economic development to meet the needs of the growing Antioch area; and

WHEREAS, the State of Tennessee has enabled the Metropolitan Government of Nashville and Davidson County, and other municipalities, to use various incentives to promote economic development; and

WHEREAS, the Metropolitan Government of Nashville and Davidson County has formed an Industrial Development Corporation pursuant to T.C.A. § 7-53-101 et. seq.; and

WHEREAS, pursuant to T.C.A. § 7-53-312, the Industrial Development Board has the authority to use tax increment financing to promote economic development and commercial growth;

WHEREAS, the Metropolitan Council desires to see the use of tax increment financing to enhance the economic viability of the Bellevue and Antioch communities.

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

Section 1.      The Metropolitan Council hereby goes on record as requesting the Industrial Development Board to favorably consider after public notice and a public hearing, the possibility of approving the use of tax increment financing for the Highway 70 corridor and the Hickory Hollow Mall area.
 
Section 2.      The Metropolitan Clerk is directed to send a copy of this Resolution to each member of the Industrial Development Board.

Section 3.      The Industrial Development Board is further requested to provide a statement to the Metropolitan Council within 45 days from the adoption of this Resolution as to its willingness to use its authority under T.C.A. § 7-53-312 for the purposes stated in Section 1 hereof.
 
Section 4.      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: Eric Crafton, Charlie Tygard, Sam