ORDINANCE NO. _____, SERIES 2022
Title
AN ORDINANCE APPROVING ENTERING INTO A LOCAL PARTICIPATION AGREEMENT, AUTHORIZING THE PAYMENT OF THE "RELEASED AMOUNT" PURSUANT TO THE TERMS AND CONDITIONS OF THE LOCAL PARTICIPATION AGREEMENT, REQUIRING THE SUBMISSION OF REGULAR REPORTS TO THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY OTHER DOCUMENTS AND THE TAKING OF ANY OTHER ACTIONS NECESSARY TO ACCOMPLISH THE PURPOSES AUTHORIZED BY THIS ORDINANCE.
BODY
SPONSORED BY: COUNCIL PRESIDENT DAVID JAMES
WHEREAS, the Kentucky General Assembly enacted KRS 65.500-65.506 (the "Act") relating to tax increment financing and urban redevelopment, which Act established the Development Area (the "Development Area") to support the revitalization of and investment in the Development Area; and
WHEREAS, pursuant to KRS 65.500 and KRS 65.501(4) ("the Act"), the Commonwealth of Kentucky (the "Commonwealth") has established the Development Area (the "Development Area"); and
WHEREAS, the West End Opportunity Partnership ("WEOP") is organized and incorporated by the Commonwealth pursuant to KRS 65.502(1) as a public corporation and a public body corporate and politic, and pursuant to the Act, WEOP has been designated as the entity responsible for receiving and distributing incremental local tax revenues generated within the Development Area; and
WHEREAS, the actions that WEOP is authorized to take pursuant to KRS 65.502, which actions will be funded, at least in part, by incremental revenues, as that term is defined in KRS 65.501, from Louisville/Jefferson County Metro Government ("Louisville Metro") and the Commonwealth, will be of benefit to the Development Area; and
WHEREAS, pursuant to KRS 65.502(2)(c), WEOP is to ensure that all projects in the Development Area include the employment of area residents, both in short-term construction jobs and long-term employment in businesses locating within the Developme...
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