RESOLUTION NO. RS2012-136

A resolution approving the appropriation of $300,000 of income in the Capitol Mall Urban Development Action Grant (UDAG) to the Metropolitan Development and Housing Agency for the development of the Nashville Entrepreneur Center.

WHEREAS, by Ordinance No. 090-1112, the Metropolitan Council allocated a portion of payments received in connection with the Capitol Mall Urban Development Action Grant (UDAG) to be used to provide economic development activities that provide direct benefit to persons residing within Nashville’s designated Pocket of Poverty; and

WHEREAS, the Nashville Entrepreneur Center proposes to lease, equip and operate a center in the Trolley Barns located on Rolling Mill Hill of Nashville for the development and training of new and expanding businesses, resulting in 250 total new job opportunities within three years, with approximately 85 of these to be filled by individuals residing within the designated Pocket of Poverty in Nashville, and

WHEREAS, UDAG funds allocated for the Nashville Entrepreneur Center will be used to offset a portion of the construction and/or equipment expenses related to the renovation of Trolley Barn Building One as the new headquarters for the Nashville Entrepreneur Center, the front-door for entrepreneurship in Nashville.

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

Section 1. That $300,000 in Urban Development Action Grant funds be appropriated to the Metropolitan Development and Housing Agency for the Nashville Entrepreneur Center located in the Trolley Barns on Rolling Mill Hill, which is within Nashville’s designated Pocket of Poverty.

Section 2. That UDAG funds so appropriated will be used to reimburse fifteen percent (15%) of all approved construction and/or equipment expenses related to the renovation of the Nashville Entrepreneur Center, with the total reimbursement not to exceed the $300,000 hereby appropriated.

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

Sponsored by: Sean McGuire, Sandra Moore

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee Federal Grants Review Committee
Introduced:	February 7, 2012
Adopted:	February 7, 2012
Approved:	February 9, 2012
By: