RESOLUTION NO. RS2009-1010

A resolution expressing the Metropolitan Council’s desire that its members be allowed sufficient time after the upcoming holiday season to conduct public meetings with neighborhood associations, civic organizations, and business groups regarding any bond resolutions or other legislative actions that approve financing for the construction of a new municipal convention center.

WHEREAS, the Mayor’s Office and the Metropolitan Development and Housing Agency have indicated their desire to construct a new municipal convention center and associated hotel (the “Project”) in downtown Nashville; and

WHEREAS, construction of the Project would represent the largest public works project in the Metropolitan Government’s history and one of the largest in Tennessee’s history; and

WHEREAS, the financing for this transaction, and the revenue streams that would purportedly fund this transaction, are highly detailed and extremely complex; and

WHEREAS, the Mayor’s Office and the Director of Finance have expended a substantial period of time, in excess of a year, crafting a finance package for the Project without any deadlines, timelines or urgency imposed by the Metropolitan Council; and

WHEREAS, it is proper that the Metropolitan Council should likewise be afforded a sufficient period of time to consider this highly detailed and extremely complex financing proposal; and

WHEREAS, members of the Metropolitan Council desire sufficient time to meet publicly with their constituents through neighborhood associations, civic organizations, business groups and similar entities to determine their constituents’ preferences and desires in regard to the Project; and

WHEREAS, the Metropolitan Council likewise desires sufficient time to meet with the financing team and the construction team to review the proposed bond issuance and financing transactions for the Project before being asked to approve this transaction; and

WHEREAS, on October 6, 2009, this Metropolitan Council unanimously approved Resolution No. RS2009-986 expressing its desire (a) to delay consideration of any future resolutions pertaining to the Project for at least six weeks from the date such resolution(s) are filed with the Metropolitan Clerk’s Office, (b) to receive the financing plan and associated legislation for both the convention center facility and the convention center hotel concurrently; (c) to review documents outlining in detail the Project’s scope, design, budget, capital plan, financing structure, details of how debt shortfalls are to be handled and Metro’s funding obligation, and documentation evidencing the Guaranteed Maximum Price (“GMP”) for the Project; (d) to schedule and conduct -- at least three weeks before the council is asked to approve a bond issuance for the Project -- public meetings with the Project’s financing team and with the construction team, as well as one public hearing to allow the citizens of Nashville and Davidson County to express their questions or concerns associated with the issuance of bonds for the Project; and

WHEREAS, scheduling and conducting just the meetings and reviews set forth above will be extremely difficult under the constraints of the holiday season; and

WHEREAS, scheduling meetings with neighborhood associations, civic organizations and business groups during the period that includes Thanksgiving, Christmas, Hanukkah, New Year’s Eve and New Year’s Day is difficult if not impossible because of the demands of the holiday season and the tendency of many such groups and organizations to forego regular meetings during such time.

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

Section 1. That the Metropolitan Council hereby goes on record as expressing its desire that its members be allowed sufficient time after the upcoming holiday season to conduct public meetings with neighborhood associations, civic organizations, and business groups regarding any bond resolutions or other legislative actions that approve financing for the construction of a new municipal convention center.

Section 2. That the Metropolitan Clerk is directed to send a copy of this Resolution to Mayor Karl Dean, to Finance Director Richard Riebeling, to Metropolitan Development & Housing Authority Executive Director Phil Ryan, and to each member of the Board of Directors for the newly-created Convention Center Authority.

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: Mike Jameson