The Nashville Convention Center Authority announced Thursday that reports issued to the Tennessee Comptroller of the Treasury verify the Music City Center has spent more than $120 million with minority-, small- and women-owned businesses.
The figure signals the project has already met the 20 percent Diversity Business Enterprise goal with fewer than six months left until completion, the authority said.
According to the recent report — filed on behalf of the project’s Diversity Business Enterprise (DBE) program — 30.8 per cent of spending has gone to DBE firms. For third quarter 2012, DBE firms received $8.9 million, or 38 percent, of all funds spent for the quarter.
Mayor Karl Dean and the Metro Council stipulated the project management and construction management teams ensure a minimum of 20 percent construction spending go to DBE businesses as a condition of project approval.
Of the total $120 million spent to date, minority businesses have earned $46 million, women-owned businesses $32 million and small business enterprises $43 million.
“The project management team was charged with making the DBE program a priority and a success,” Marty Dickens, chair of the Convention Center Authority, said in a release. “I think we all feel like we’ve set a benchmark on this project for the way DBE programs should be run and we just need to keep pushing to ensure we finish strongly.”
Since the project broke ground in February 2010, the DBE program has consistently exceeded the 20 percent requirement, the authority said.
MCC construction is about 90 percent complete and near full completion is slated by April 30, 2013. The first convention in the new building booked for June.