RESOLUTION NO. RS2013-845

A resolution authorizing an economic and community development incentive grant to be made to the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County (“IDB”) for the benefit of UBS AG, NEW YORK BRANCH, a Swiss Corporation ("UBS").

WHEREAS, the Metropolitan Government of Nashville and Davidson County (the “Metropolitan Government”) is vitally interested in the economic welfare of the citizens living within the area of the Metropolitan Government (such area, the “County”) and wishes to provide the leadership necessary to enhance this area's capabilities for growth and development; and,

WHEREAS, the provision of quality jobs to area citizens by local business is both necessary and vital to the economic well-being of the Metropolitan Government; and,

WHEREAS, pursuant to Tenn. Code Ann. § 5-9-101(26), the Metropolitan Government is authorized to use available funds to make grants for economic and community development purposes; and,

WHEREAS, the Metropolitan Council adopted Ordinance No. BL2010-806, amending Chapter 2.210 of the Metropolitan Code, after determining that, in order to promote industry, develop trade, create jobs and reduce unemployment, and in order to further other public purposes of the Metropolitan Government, it was in the best interest of the Metropolitan Government to make economic and community development incentive grants to qualified companies to encourage the location and growth within the area of the Metropolitan Government of well-known and successful companies, comparable, but not limited to, companies on the Fortune 500 listing, if the location within the area of the Metropolitan Government is expected to result in the creation of at least five hundred (500) new jobs for citizens within the area of the Metropolitan Government during the next five (5) years of operations; and,

WHEREAS, Section 2.210.030 of the Metropolitan Code provides that, in order to promote industry, develop trade, create jobs and reduce unemployment, and in order to further other public purposes of the Metropolitan Government, it is in the best interest of the Metropolitan Government to make economic and community development incentive grants to Corporate Headquarters (as defined in Section 2.210.010) by taking into account, among other things, the amount of revenue from all sources that is anticipated to be received by the Metropolitan Government with respect to the location of the qualified company and its operations within the area of the Metropolitan Government and other economic and community development opportunities that the qualified company is expected to create; and,

WHEREAS, UBS is a publicly held company with approximately 62,000 employees worldwide that provides wealth management, asset management and investment banking products and services; and,

WHEREAS, UBS has announced its tentative decision to locate a regional headquarters at 315 Deaderick Street, Nashville, Tennessee 37201 providing jobs and growth within the area of the Metropolitan Government; and,
WHEREAS, UBS meets the criteria to be eligible to receive the benefits of an economic and community development incentive grant as authorized by Chapter 2.210.020(B) of the Metropolitan Code; and,

WHEREAS, the continued location of UBS’s existing presence in the area of the Metropolitan Government, and the related investment and growth in connection therewith will maintain and expand significant employment and other commercial opportunities for area citizens; and,

WHEREAS, in order to promote industry and develop trade and to create jobs and reduce unemployment and to further other public purposes of the Metropolitan Government, and after taking into account, among other things, the amount of revenue from all sources that is anticipated to be received by the Metropolitan Government from the expansion of UBS’s existing presence, and the related investment and growth in connection therewith and other economic and community development opportunities that UBS is expected to create within the area of the Metropolitan Government, it is in the best interest of the Metropolitan Government to make an economic and community development incentive grant to UBS in an amount calculated by multiplying the number of Incremental Jobs (as defined in Exhibit A hereto) as of the last day of each Grant Year (as defined in Exhibit A hereto) by five-hundred dollars ($500) for a period of five (5) years (the “Economic and Community Development Incentive Grant Agreement”); and,

WHEREAS, it is in the interest and welfare of the citizens of the Metropolitan Government to approve and execute the Economic and Community Development Incentive Grant Agreement with the IDB and UBS in the form attached hereto as Exhibit A.

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

Section 1. That the Metropolitan Government shall make annual economic and community development incentive grant payments to the IDB for the benefit of UBS during the five year Grant Period (as defined in Exhibit A hereto).

Section 2. That the amount of the annual incentive grant payments authorized hereby be calculated by multiplying the number of Incremental Jobs (as defined in Exhibit A hereto) for each Grant Year (as defined in Exhibit A hereto) by five-hundred dollars ($500).

Section 3. Notwithstanding anything to the contrary herein, the Metropolitan Government's obligation to make any payments hereunder is contingent upon the annual appropriation of funds for such purpose by the Metropolitan Council.

Section 4. That the Economic and Community Development Incentive Grant Agreement by and among the Metropolitan Government, the IDB and UBS, the form of which is attached hereto as Exhibit A and incorporated herein by reference, is hereby approved, and the Mayor is authorized to execute the same; provided, however, that such agreement must be approved as to legality by the Metropolitan Government Department of Law prior to being executed by the Metropolitan Government or the IDB.
SECTION 5. That other than as provided at Section 4 of this Resolution, any material amendment(s), renewal(s) or extension(s) of the terms of the Economic and Community Development Incentive Grant Agreement must be approved by resolution of the Metropolitan Council.

SECTION 6. That this Resolution shall take effect from and after its passage, the welfare of the Metropolitan Government requiring it.

Sponsored by: Ronnie Steine, Edith Taylor Langster

If you would like a copy of the attachment to any ordinance or resolution, please email your request to the Metro Clerk's Office at metro.clerk@nashville.gov

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	September 17, 2013
Adopted:	September 17, 2013 - Roll Call Vote
Approved:	September 18, 2013
By: