RESOLUTION NO. RS2015-1501

RESOLUTION NO. RS2015-1501

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 for the benefit of Asurion, LLC.

WHEREAS, the Metropolitan Government of Nashville and Davidson County (“Metropolitan Government”) is vitally interested in the economic welfare of the citizens living within the area of the Metropolitan Government 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, pursuant to Chapter 2.210 of the Metropolitan Code, in order to encourage economic and community development within the County, the Metropolitan Government is authorized to make economic and community development incentive grants with respect to “qualified companies” (as such term is defined in Section 2.210.010 of the Metropolitan Code); and

WHEREAS, Chapter 2.210 of the Metropolitan Code provides that the actual amount and period of economic and community development incentive grants pursuant to such Chapter 2.210 shall be made by taking into account, among other things, the number of jobs created, 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 in the County, and other economic and community development opportunities that the qualified company is expected to create; and

WHEREAS, Asurion, a privately held company with more than 15,000 employees worldwide that provides technology protection services, has announced its decision to expand its existing primary operations in the area of the Metropolitan Government by rehabilitating an office space at 5720 Crossings Boulevard in Antioch (the “Office Building”), and constructing a parking lot for use by Asurion in conjunction with, and located across the street from, the Office Building (the “Parking Lot”) on Crossings Boulevard in Antioch (collectively, the Project”); and

WHEREAS, in connection with such expansion, Asurion expects to create an additional 800 jobs at the Project within the area of the Metropolitan Government during the next five years; and

WHEREAS, the Metropolitan Government has found that Asurion meets the criteria to be eligible to receive the benefits of an economic and community development incentive grant authorized by Chapter 2.210.020(B) of the Metropolitan Code; and

WHEREAS, the Metropolitan Government has found that the expansion of Asurion’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, the economic and community development incentive grant agreement ("Agreement"), the form of which is attached hereto and incorporated herein by reference, in order to promote public purpose goals recited in Chapter 2.210 of the Metropolitan Code, the Metropolitan Government has found that it is in the interest and welfare of the citizens of the Metropolitan Government to make an economic and community development incentive grant to the Board for the benefit of Asurion in an amount calculated by multiplying the number of Asurion Jobs (as defined in the Agreement) created by Asurion during the term of the Agreement by five hundred dollars ($500.00), and

WHEREAS, it is in the interest and welfare of the citizens of the Metropolitan Government to approve the economic and community development incentive grant and execute the Agreement with the Board and Asurion.

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

Section 1. That an economic and community development incentive grant shall be made to the Board for the benefit of Asurion in an amount calculated by multiplying the number of Asurion Jobs (as defined in the Agreement) created by Asurion during the term of the Agreement by five hundred dollars ($500.00).

Section 2. 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 3. That the Agreement by and among the Metropolitan Government, the Board and Asurion, the form of which is attached hereto and incorporated herein by reference, is hereby approved, and the Mayor is authorized to execute the same.

Section 4. That any material amendments, renewals, or extension of the terms of the Agreement must be approved by resolution of the Metropolitan Council.

Section 5. 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: Bill Pridemore, Jacobia Dowell

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

Amendment No. 1
To
Resolution No. RS2015-1501

Madam President:

I move to amend Resolution No. RS2015-1501 by substituting the Agreement referenced in Section 3 with the attached new Agreement.

LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	June 2, 2015
Amended:	June 2, 2015
Adopted:	June 2, 2015
Approved:	June 6, 2015
By: