RESOLUTION NO. RS2013-628

A resolution approving an amendment to a parking agreement between the Metropolitan Government and Stahlman Redevelopment Partners, LLC for the use of up to 175 parking spaces for a fee in the courthouse parking garage to extend the expiration of the term of that agreement from 2046 to 2053 (Proposal No. 2013M-006PR-001).

WHEREAS, Stahlman Redevelopment Partners, LLC, (Stahlman Partners) executed a development agreement with the Metropolitan Development and Housing Agency (MDHA) dated February 10, 2004, for the purpose of converting the historic Stahlman Building into a mix of residential and retail space; and,

WHEREAS, Stahlman Partners entered into a Parking Agreement dated March 15, 2005, wherein Stahlman Partners leases from the Metropolitan Government space within an underground public parking garage (the “Parking Agreement”) across from the Stahlman Building along Union Street as part of and adjacent to the Metropolitan Courthouse Square Construction (approved by Ordinance No. BL2005-522); and,

WHEREAS, Ordinance No. BL2005-522 allowed amendments to the Parking Agreement to be approved by resolution receiving twenty-one (21) votes of the Metropolitan Council; and,

WHEREAS, Stahlman Partners are in the process of refinancing the loan insured by the Federal Housing Administration (FHA) that was originally closed for the development of the Stahlman building, to reset the interest rate to current market rates, but FHA needs to ensure the project has sufficient parking through the term of the refinanced loan, the expiration date of which will be extended from 2046 through 2053; and,

WHEREAS, MDHA has accordingly requested the Metropolitan Government to approve the attached Amendment to Parking Agreement to extend the current expiration date of the Parking Agreement, i.e., June 30, 2046, through 2053 (the Amendment); and,

WHEREAS, the Traffic and Parking Commission, which has the responsibility for the management of the courthouse garage, has reviewed and recommended the attached Amendment for approval at its meeting on March 11, 2013; and,

WHEREAS, this Ordinance has been mandatorily referred to the Planning Commission pursuant to Section 11.505 of the Metropolitan Charter and has been assigned Proposal No. 2013M-006PR-001, which has been administratively reviewed and recommended for approval; and,

WHEREAS, the attached Amendment to the Parking Agreement represents the agreement of all the parties and it is in the best interest of the Metropolitan Government to execute the Amendment.

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

Section 1. That the Amendment to Parking Agreement attached hereto and made a part of this Resolution, extending the term of the Parking Agreement for use of 175 spaces in the Courthouse Garage by Stahlman Building tenants from 40 to 47 years, through the end of June, 2053, is hereby approved.

Section 2. 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: Erica Gilmore

LEGISLATIVE HISTORY
Referred to:	Planning Commission Traffic & Parking Commission Budget & Finance Committee Traffic, Parking & Transportation Committee Planning & Zoning Committee
Introduced:	March 19, 2013
Adopted:	March 19, 2013
Approved:	March 25, 2013
By: