RESOLUTION NO. RS2008-312

A resolution authorizing the Metropolitan Department of Law to compromise and settle: (1) Nashville Speedway USA’s claims against the Metropolitan Government; and (2) the Metropolitan Government’s claims against Nashville Speedway USA and Dover Motorsports. Nashville Speedway agrees to become a $25,000 sponsor of the 2008 Tennessee State Fair, and to the extent the 2009 event is held at its current location, a $25,000 sponsor of the 2009 Tennessee State Fair. All funds received pursuant to this agreement shall be paid to the Metropolitan Board of Fair Commissioners.

WHEREAS, on February 4, 2005, Nashville Speedway USA initiated an action against the Metropolitan Government seeking reimbursement of an alleged overpayment made pursuant to its lease to operate the Fairgrounds Speedway, Davidson County Chancery Court, Case No. 05-330-III; and,

WHEREAS, on February 8, 2005, the Metropolitan Government initiated an action against Nashville Speedway USA and Dover Motorsports seeking payment of rent allegedly past due under Nashville Speedway’s lease to operate the Fairgrounds Speedway, Davidson County Chancery Court, Case No. 05-353-I; and,

WHEREAS, while Nashville Speedway USA, Dover Motorsports, and the Metropolitan Government deny any liability, fault, wrongdoing, or misconduct, the parties wishe to reach an amicable resolution of their respective claims; and,

WHEREAS, the Department of Law believes that the settlement set forth in Section 1 is fair, reasonable, and in the Metropolitan Government’s best interest.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. The Metropolitan Department of Law is authorized to compromise and settle: (1) the Metropolitan Government’s claims against Nashville Speedway USA and Dover Motorsports; and (2) Nashville Speedway USA’s claims against the Metropolitan Government. Nashville Speedway agrees to become a $25,000 sponsor of the 2008 Tennessee State Fair, and to the extent the 2009 event is held at its current location, a $25,000 sponsor of the 2009 Tennessee State Fair.

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: Erik Cole

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	May 20, 2008
Adopted:	May 20, 2008
Approved:	May 29, 2008
By: