RESOLUTION NO. RS2011-44

A resolution approving an amendment to the Agreement by and between the Metropolitan Government of Nashville and Davidson County, by and through the Department of Public Works, and Nashville Biltmore, LP, to establish respective responsibilities pertaining to widening and relocation of three ramps at interchange of I-40 with McCrory Lane in Davidson County and realignment and widening of a portion of McCrory Lane, and funding thereof, as provided in the Amendment attached hereto, and authorizing the execution of the same.

WHEREAS, Nashville Biltmore LP (the “Developer”) has acquired approximately 2,000 acres of real property located within the Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) near the intersection of Interstate 40 and McCrory Lane, on which the Developer is developing a mixed-use development known as Biltmore Ridges (the “Development”) comprising retail shopping, restaurant, office, hotels, townhomes, single and multi- family housing and other uses; and

WHEREAS, an Agreement by and between the Metropolitan Government of Nashville and Davidson County, by and through the Department of Public Works, and Nashville Biltmore, LP, to establish respective responsibilities pertaining to Phase I of the Development, including widening and relocation of three ramps at the interchange of I-40 with McCrory Lane in Davidson County and realignment and widening of a portion of McCrory Lane, and funding thereof (the Agreement), was previously approved by Metropolitan Council in Ordinance No. BL-2010-791, and became effective as of December 13, 2010; and,

WHEREAS, the Developer intends to make a private investment in the Development of not less than twenty five million dollars ($25,000,000.00); and,

WHEREAS, since, given that the Metropolitan Government intends to construct, acquire and/or facilitate the public acquisition or public construction of certain public infrastructure improvements related to the Development, as is required by Tenn. Code Ann. §§ 7-32-101 et seq. and §§ 7-33-101 et seq. (collectively, the “Assessment Act”), the Metropolitan Government has proposed in RS2011-1 (the “Assessment Resolution”), to provide for the assessment of certain property within the Development and the issuance of special assessment revenue bonds to finance the construction and acquisition of such public infrastructure improvements; and,

WHEREAS, the parties have also further proposed, in connection with the Assessment Resolution, to enter into a development and acquisition agreement by and between the Metropolitan Government and the Developer, an interlocal governmental agreement by and between the Metropolitan Government and the Industrial Development Board of Nashville and Davidson County and an installment agreement by and between the Metropolitan Government and the Developer; and,

WHEREAS, in order to be more consistent with the provisions of the Assessment Resolution and related agreements described above, it has been deemed appropriate to amend the Agreement as provided in the Amendment attached hereto; and,

WHEREAS, Section 2 of BL2010-791 provided that any amendments, renewals or extensions of the terms of the agreement attached to that Ordinance shall be approved by Resolution of the Metropolitan Council.

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

Section 1. That the Amendment to the Agreement between The Metropolitan Government of Nashville and Davidson County, by and through the Department of Public Works, and The Nashville Biltmore LP to establish respective responsibilities pertaining to widening and relocation of three ramps at interchange of I-40 with McCory Lane in Davidson County and realignment and widening of a portion of McCory Lane, and funding thereof, a copy of which is attached hereto and incorporated herein, is hereby approved and the Metropolitan Mayor is authorized to execute the same.

Section 2: That any further amendments, renewals or extensions of the terms of the Agreement shall be approved by Resolution of the Metropolitan Council.

Section 3: That this Resolution shall take effect from and after its final passage, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Sean McGuire

Attachment(s) on file in the Metropolitan Clerk's Office

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Public Works Committee
Introduced:	October 18, 2011
Adopted:	October 18, 2011
Approved:	October 20, 2011
By: