NASHVILLE, Tenn. — Mayor John Cooper has reached an agreement with a local developer to get taxpayers more benefit for their public investment in a riverfront revitalization project.
Under the agreement, Metro will fund $13.8 million in public road costs within River North, the property that runs along the Cumberland River’s East bank and is roughly located between Cowan Court and Interstate 40.
Meanwhile, Monroe Infrastructure, LLC, will contribute more than $7.1 million in public infrastructure costs, as well as 5.5 acres for public roads and another four-plus acres for public greenways and green spaces.
Cooper’s agreement also establishes a River North Business Improvement District. River North property owners will voluntarily increase their property taxes on certain parcels of land, which in turn will enable Metro to recoup its $13.8 million over time.
Plus, additional future revenues from the District would go into Metro’s general operating fund, unearmarked, to benefit all Davidson County.
“The River North Business Improvement District is a great deal for Nashville’s taxpayers. Property owners in the development will voluntarily increase their property taxes, paying for improvements that will transform the East Bank of Nashville’s riverside,” Cooper said. “This agreement puts them on the path to paying their own way.”
Metro’s commitment under this participation agreement is capped at $13.8 million, and Monroe Infrastructure, LLC, will cover all other costs. In 2018, Metro Council voted (Resolution 2018-1454) to invest $20 million in public infrastructure in the area.