Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Music City Center Financing topic
No spam. Unsubscribe anytime.
Council committee defers Music City Center financing resolution after questions about $300 million escrow
Summary
A Metro Council committee deferred RS 20-26-21-35 one meeting to align with ordinance 1493 after members pressed staff for details about a $300 million escrow and how draws would be approved by the East Bank Development Authority and Metro Finance.
The Metro Council committee deferred consideration of RS 20-26-21-35 on a 5-0 vote after members pressed staff for details about how $300 million tied to Music City Center financing would be held and spent.
Council member Parker asked whether the resolution should track with second or third reading of the related ordinance; the chair said the committee would likely align with second reading so members could consider amendments. Parker also asked that the council office designate a single point of contact and publish a rolling FAQ to reduce duplicate requests to staff.
Council member Ellis asked a series of substantive questions about how the money would be handled if the resolution and ordinance pass, including whether the $300,000,000 would be placed in escrow and who would have authority to draw on it. Amanda Deaton Moyer of Metro Finance said the funds would be held with the East Bank Development Authority and that draws would be a two-tier signatory process: "they would develop the spending plan, and the actual draws would be signed off by the executive director and then the finance director," she said.
Deaton Moyer further explained that the East Bank Development Authority would develop the spending plan and Metro Finance would sign off on draws, and that because of that structure some expenditures would not appear in Metro's capital spending plan (CSP) in the same way as directly budgeted Metro projects.
Council member Coopman requested a consolidated, bird's-eye overview of the two bills for second reading so members can explain them to constituents. The chair and Metro Finance said a fuller presentation will be provided at second reading. Coopman asked whether the measures are tied to state authorizing legislation for a tax development zone (TDZ); the chair confirmed they are.
The chair set tentative dates for the committee to reconvene (the 27th or 28th) and asked members to flag dates they cannot attend. The committee then voted to defer the item one meeting: "That is 5 in favor, 0 against, and 0 not voting for a one meeting deferral," the chair announced.
What happens next: the resolution will be placed on the committee agenda at the deferred meeting so it can track with ordinance 1493 and a fuller staff presentation is expected at second reading.
