RESOLUTION NO. ____________, SERIES 2026
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A RESOLUTION AUTHORIZING THE MAYOR AND THE DEPARTMENT OF ECONOMIC DEVELOPMENT TO REQUEST A KENTUCKY PRODUCT DEVELOPMENT INITIATIVE GRANT FROM THE KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY FOR THE BENEFIT OF THE LOUISVILLE RIVERPORT AUTHORITY IN THE AMOUNT OF $1,178,295, TO ACCEPT SAID GRANT IF AWARDED, AND TO PROVIDE LOCAL MATCH FUNDING IF SAID GRANT IS AWARDED.
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SPONSORED BY: COUNCIL MEMBER JOSEPH
WHEREAS, pursuant to KRS 154.21-017, the Kentucky Economic Development Finance Authority ("KEDFA") has the authority to make grants as part of the Kentucky Product Development Initiative Program ("KPDI Program"); and
WHEREAS, Louisville/Jefferson County Metro Government ("Louisville Metro") wishes to request from KEDFA in cooperation with the Louisville Riverport Authority ("LRA") a Kentucky Product Development Initiative Grant in the amount of $1,178,295 ("Grant") to fund a project at the riverport to bring existing double unit train loop track railroad infrastructure to Federal Railroad Administration operating standards, to install a third unit train loop track, and move the main line railroad track off of the loop tracks as per the original design circa 1981 (the "Project"). These improvements and additions will enable LRA to offer more services and capacity to local existing businesses and attract additional users to Metro as a result of the added freight handling capacity; and
WHEREAS, Metro has previously authorized local match funding in the amount of $117,829.50 pursuant to Ordinance No. 110, Series 2026 as part of the local match required by the KPDI Program, with the understanding that the balance of the local match funding required by the KPDI Program, in the amount of $117,829.50 (for a total local match funding of $235,659) is to be provided by another local entity; and
WHEREAS, if the Grant is awarded, KEDFA will pay the Grant to Louisville Metro, acting by and through ...
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