§ 2.212.030. Blighted property grants.

A.

In accordance with T.C.A. § 7-51-1901, et seq., the metropolitan government, through ECD, may make grants to developers who invest in blighted property for the purpose of stabilizing the value of the neighborhood and increasing the value of the facilities being constructed or rehabilitated on blighted property.

B.

Such grants shall be made from funds appropriated by the council from the general fund of the general services district for such purpose.

C.

Such grant funds shall be used for the sole purpose of constructing or rehabilitating the exterior portions of blighted commercial property located within eligible census tracts having a property value not to exceed one million dollars at the time the grant application is made to ECD based upon the appraised value of the property as determined by the metropolitan assessor of property and where the construction or rehabilitation investment exceeds ten thousand dollars. Eligible census tracts are those where at least sixty-five percent of households are at or below eighty percent area median income (AMI). The mayor's office of economic and community development shall maintain, on file and open for inspection, a list and map of eligible census tracts to be updated annually.

D.

The amount of the grant shall not exceed fifty percent of the documented investment of the developer up to a maximum grant amount of fifty thousand dollars.

E.

ECD shall make blighted property grants to qualified developers on a first-come-first-served basis subject to the availability of funding approved for the program by the metropolitan council through the metropolitan government operating budget ordinance.

(Amdt. 1 to Ord. BL2017-860 § 1, 2017; Ord. BL2017-860 § 1, 2017; Ord. BL2016-147 § 1, 2016; Ord. BL2013-420 § 1, 2013)