ORDINANCE NO. _________, SERIES 2017
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AN ORDINANCE OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT ("LOUISVILLE METRO") AUTHORIZING THE MAYOR TO ENTER INTO A SECOND AMENDED AND RESTATED MEMORANDUM OF AGREEMENT BY AND BETWEEN LOUISVILLE METRO AND THE LOUISVILLE ARENA AUTHORITY, INC. (THE "ARENA AUTHORITY") TO ESTABLISH THE MONETARY OBLIGATIONS OF LOUISVILLE METRO FOR FINANCING A PORTION OF THE REFINANCING OF THE LOUISVILLE ARENA PROJECT, AND REQUESTING THAT THE KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY ("KEDFA") ISSUE BONDS TO REFUND THE OUTSTANDING OBLIGATIONS OF THE ARENA AUTHORITY.
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SPONSORED BY: COUNCIL MEMBERS YATES, BUTLER AND KRAMER
WHEREAS, pursuant to actions taken by the Commonwealth of Kentucky (the "Commonwealth"), the Louisville/Jefferson County Metro Government ("Louisville Metro"), the University of Louisville, University of Louisville Athletic Association, Inc. and certain non-governmental entities, the Louisville Arena Project, a public project intended for multi-uses as a public, recreational and sports facility (the "Arena Project"), was undertaken, and the Arena Project has significantly benefitted Louisville Metro and the Commonwealth by increasing state and local tax revenues, creating new jobs, enhancing regional tourism, increasing property tax values and stimulating private investment in and around the Louisville Metro area;
WHEREAS, the Louisville Arena Authority, Inc., a Kentucky non-stock, nonprofit corporation (the "Arena Authority") was created as an independent entity to oversee the acquisition, development, construction, and financing of the Arena Project;
WHEREAS, the Legislative Council of Louisville/Jefferson County Metro Government (the "Council") enacted Resolution No. 81, Series 2006, ratifying, approving and adopting a Memorandum of Agreement, dated July 21, 2006, by and between Louisville Metro and the Arena Authority (the "Guarantee Agreement") pursuant to which Louisville Metro guaran...
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