RESOLUTION NO. RS2008-433

WHEREAS, the Metropolitan Council desires to appropriate Two Hundred Seventy Five Thousand Dollars ($275,000) for the benefit of the Gulch Central Business Improvement District (GCBID) from the undesignated fund balance of the Gulch CBID Fund of the General Services District as a result of the change in rate of the special assessment to be levied on real property within the area of the Gulch Central Business Improvement District approved June 5, 2008 by Ordinance BL2008-213; and

WHEREAS, the increase in the rate of assessment will go from fifteen cents ($0.15) to ninety-one cents ($0.91) per $100 of assessed value of real property for calendar year 2009; and

WHEREAS, the operating budget was originally estimated to be $75,000.00 at the original assessment rate of fifteen cents ($0.15) is now estimated to be $350,000.00 at the new assessment rate of ninety-one cents ($0.91), requiring the budget to be raised by the $275,000.00 amount.

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

Section 1: That the following amounts from the Undesignated Fund Balance of the Gulch CBID Fund of the General Services District are hereby appropriated:

Section 2: That the appropriations in Section 1 are funded from the following source:

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: Erica Gilmore, Jim Forkum

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	September 16, 2008
Adopted:	September 16, 2008
Approved:	September 19, 2008
By: