RESOLUTION NO. RS2015-1586

A resolution approving an Amended Economic Impact Plan, providing for $15 million dollars of tax increment financing, for the Bellevue Mall Development Area.

WHEREAS, the Industrial Development Board of The Metropolitan Government of Nashville and Davidson County (the “Board”) held a public hearing with respect to an Economic Impact Plan for the Bellevue Mall Area on November 30, 2007, as required by Tenn. Code. Ann. §7-53-312(g) and, at its meeting on November 30, 2007, approved the submission of the Economic Impact Plan to the Metropolitan Council; and,

WHEREAS, the Economic Impact Plan was introduced before the Metropolitan Council on December 4, 2007; and,

WHEREAS, the Board revised the Economic Impact Plan on April 8, 2008, following a public hearing; and,

WHEREAS, the Economic Impact Plan was adopted, as amended, by the full Metropolitan Council on August 7, 2008; and,

WHEREAS, the Board further revised the Economic Impact Plan pursuant to the Amended Economic Impact Plan attached hereto as Exhibit 1; and,

WHEREAS, the Board caused a public hearing with respect to the Amended Economic Impact Plan to be held on July 14, 2015, as required by Tenn. Code. Ann. § 7-53-314(g) and, at its meeting on July 14, 2015, approved the submission of the Amended Economic Impact Plan to the Metropolitan Council; and,

WHEREAS, the development of the Project described in the Amended Economic Impact Plan (the “Project”) includes a major shopping center and mixed use development that is designed to revitalize the surrounding area; and,

WHEREAS, the developer has committed to provide up to two acres of property to the Metropolitan Government for a civic use, either on or off site (the “Civic Space”); and,

WHEREAS, the Amended Economic Impact Plan envisions tax increment financing being provided by the Industrial Development Board with the proceeds of the tax increment financing being used to pay all or a portion of the costs of the Project; and,

WHEREAS, in accordance with the Amended Economic Impact Plan, the Board would issue its bonds to lenders or bondholders to finance the tax increment financing eligible costs and would pledge the tax increment financing revenues to such lenders or bondholders to apply to the debt service on the tax increment financing bonds; and,

WHEREAS, the tax increment financing shall not represent or constitute a debt or pledge of the faith and credit or the taxing power of the Board or The Metropolitan Government of Nashville and Davidson County; and,

WHEREAS, the Metropolitan Government has determined that tax increment financing will promote economic growth and stability within the community; and,

WHEREAS, the developer will not request that the Board obtain the tax increment financing until the location of the Civic Space has been approved by the Mayor’s office.

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

Section 1. The Metropolitan County Council hereby approves the Amended Economic Impact Plan, in the form attached hereto as Exhibit 1 and incorporated herein by reference, being in the interest of the citizens of the Metropolitan Government of Nashville and Davidson County, and the Board is authorized to take such other action as may be required to implement the Amended Economic Impact Plan.

Section 2. This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Sheri Weiner, Bo Mitchell, Charlie Tygard, Bill Pridemore, Karen Johnson, Walter Hunt, Steve Glover, Ronnie Stein, Tim Garrett, Charlie Tygard, Karen Bennett, Sean McGuire, Robert Duvall, Carter Todd, Davette Blalock, Phil Claiborne, Buddy Baker, Brady Banks , Chris Harmon, Erica Gilmore , Tony Tenpenny, Anthony Davis, Jacobia Dowell, Lonnell Matthews, Edith Taylor Langster, Burkley Allen, Larry Hagar, Megan Barry, Peter Westerholm, Frank Harrison, Doug Pardue, Scott Davis, Sandra Moore, Duane Dominy, Jason Holleman

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LEGISLATIVE HISTORY
Referred to:	Budget & Finance Committee
Introduced:	August 4, 2015
Adopted:	August 4, 2015
Approved:	August 10, 2015
By: