A resolution approving an Interlocal Cooperation Agreement between The Metropolitan Government Of Nashville And Davidson County (the "Metropolitan Government"), the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County (the "Idb") and the State of Tennessee (the "State").

WHEREAS, the Metropolitan County Council (the "Council") of the Metropolitan Government has under consideration an ordinance authorizing the IDB to negotiate and accept payments in lieu of ad valorem taxes with respect to the property described in Exhibit A attached to such proposed ordinance upon which the Opryland Hotel and Convention Center is located and upon which an addition will be constructed; and

WHEREAS, it is contemplated that the IDB will issue its revenue bonds to finance a portion of said addition to the Opryland Convention Center and Hotel and that the bonds will be payable out of a portion of the payments in lieu of ad valorem taxes with respect to the Opryland Convention Center and Hotel; and

WHEREAS, the Council has passed a resolution designating a certain area (the "Gaylord Tourism Development Zone") in which the Opryland Convention Center and Hotel is located as a "tourism development zone" and a "secondary tourism development zone" within the meaning of T.C.A. Section 7-88-103, and authorizing the filing of an application with the State Department of Finance and Administration to certify such area as a tourist development zone in accordance with T.C.A. Section 7-88-108; and

WHEREAS, upon approval of said application by the Commissioner of Finance and Administration and the State Building Commission, certain incremental state and local sales taxes generated within the Gaylord Tourism Development Zone are to be deposited in the general fund of the Metropolitan Government as provided in T.C.A. Section 7-88-106(c); and

WHEREAS, the Council has under consideration an ordinance imposing an additional hotel occupancy tax within the Gaylord Tourism Development Zone of one percent (1%) and the receipts from such tax are to be deposited in the general fund of the Metropolitan Government as provided in T.C.A Section 7-4-102(b)(3); and

WHEREAS, the Council has under consideration an ordinance directing a portion of two points of the current hotel occupancy tax within the Gaylord Tourism Development Zone to be deposited to the general fund of the Metropolitan Government as provided in T.C.A. Sections 7-4-110(f) or 7-4-110(g); and

WHEREAS, the parties desire to provide a mechanism whereby the receipts from the payment in lieu of taxes mentioned above and the taxes mentioned above can be applied as indicated above and any excess receipts paid to the State and the Metropolitan Government; and

WHEREAS, to effectuate such mechanism, the parties propose to enter into an Interlocal Cooperation Agreement pursuant to Tennessee Code Annotated, Section 12-9-104.

NOW, THEREFORE, BE IT RESOLVED by the Council of the Metropolitan Government of Nashville and Davidson County as follows:

Section 1. The Interlocal Cooperation Agreement attached hereto as Exhibit A is hereby approved and the Metropolitan Mayor is hereby authorized to execute the Interlocal Cooperation Agreement.

Section 2. 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: J. B. Loring, Rip Ryman, Charlie Tygard

View Exhibit

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee Convention & Tourism Committee
Introduced:	August 7, 2007
Adopted:	August 7, 2007
Approved:	August 9, 2007
By: