RESOLUTION NO. RS2016-426

A resolution approving an amendment to and assignment of a parking agreement between the Metropolitan Government and Stahlman Redevelopment Partners, LLC for the use of 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. 2016M-032PR-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 commercial 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, By Resolution No. RS2013-628 Stahlman Partners and the Metropolitan Government amended the Parking Agreement pursuant to a refinancing of the loan insured by the Federal Housing Administration (FHA), whereby FHA needed to ensure the project had sufficient parking through the term of the refinanced loan, the expiration date of which will be extended from 2046 through 2053 with a proviso that if the loan was paid in full, the Term would revert to a twenty year term plus a ten year extension and a seventeen year extension less the amount of time expended under the forty-seven year term; and,

WHEREAS, Stahlman Partners now requests to revise the Term such that the Parking Agreement expires on June 30, 2053; and,

WHEREAS, Stahlman Partners desire to assign its interest under the Parking Agreement to Stahlman Nashville, LP (“Assignee”), and Assignee has agreed to Accept such assignment and to assume all of the obligations for the remaining time under the Term of the Parking Agreement; and,

WHEREAS, the Traffic and Parking Commission, which has the responsibility for the management of the courthouse garage, has reviewed and recommended the attached Assignment Agreement and Second Amendment to the Parking Agreement for approval at its meeting on October 10, 2016; and,

WHEREAS, the attached Assignment Agreement and Second 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 Assignment Agreement and Second Amendment to the Parking Agreement attached hereto and made a part of this Resolution, revising the term of the Parking Agreement for use of parking spaces in the Courthouse Garage by Stahlman Building tenants from and assigning the Parking Agreement to Assignee, 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: Freddie O'Connell, John Cooper, Burkley Allen

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:	Planning Commission Budget and Finance Committee Planning, Zoning, and Historical Committee Traffic, Parking & Transportation Committee
Introduced:	November 1, 2016
Adopted:	November 1, 2016
Approved:	November 2, 2016
By: