ORDINANCE NO. __________, SERIES 2017
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AN ORDINANCE ESTABLISHING A TAX DELINQUENCY DIVERSION PROGRAM FOR BLIGHTED PROPERTY.
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SPONSORED BY: COUNCILMEMBERS SHANKLIN, AUBREY WELCH,
BRYANT HAMILTON, JAMES, WOOLRIDGE, SEXTON SMITH AND JOHNSON
WHEREAS, the General Assembly of the Commonwealth of Kentucky has enacted legislation in KRS 99.727 which authorizes a consolidated local government to establish a tax delinquency diversion program ("TDDP") for certain priority project areas in which there are a significant number of blighted properties; existing conditions are favorable for development; existing resources needed for urban redevelopment are present; and existing characteristics of the area can be promoted as part of a campaign to retain existing residents and attract new residents to the area; and
WHEREAS, the Louisville Metro Council, pursuant to powers granted it by the General Assembly, has created a land bank authority to acquire the tax delinquent properties in order to foster the public purpose of returning land that is in a non-revenue generating, non-tax producing status to effective utilization in order to provide housing, new industry, and jobs of the citizens of Louisville Metro; and
WHEREAS, the purchase of delinquent tax bills on properties in areas with blighted conditions may be a barrier to redevelopment; and
WHEREAS, the Louisville Metro Council desires to establish a TDDP in order to facilitate the redevelopment of blighted areas.
NOW, THEREFORE, BE IT ORDAINED BY THE LEGISLATIVE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT (THE COUNCIL) AS FOLLOWS:
SECTION I: A new section of Chapter 38 of the Louisville Metro Code of Ordinances is hereby created as follows:
1. For the purpose of this section, the definitions contained in KRS ? 99.727 shall apply unless the context clearly indicates or requires a different meaning.
2. The Louisville and Jefferson County Landbank Authori...
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