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File #: O-407-14    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 7/3/2014 In control: Budget Committee
On agenda: 8/28/2014 Final action: 8/28/2014
Title: AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE HOTEL NULU DEVELOPMENT AREA, DESIGNATING THE METRO DEVELOPMENT AUTHORITY, INC. AS AN "AGENCY", ADOPTING A DEVELOPMENT PLAN, 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 LOUISVILLE 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.
Sponsors: David Tandy (D-4)
Attachments: 1. Ex A to Development Plan - Map and Description of Development Area, 2. O-407-14 ATTACH A DEV PLAN, 3. Ex. B - Map of Development Area, 4. Ex. B to Development Plan - Financial Report from Meench & Shanker, LLC, 5. O-407-14 ATTACH C LOCAL PARTICIPATION AGREEMENT, 6. ORD 132 2014 Ord and Exhibit

ORDINANCE NO. , SERIES 2014
TITLE
AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE HOTEL NULU DEVELOPMENT AREA, DESIGNATING THE METRO DEVELOPMENT AUTHORITY, INC. AS AN "AGENCY", ADOPTING A DEVELOPMENT PLAN, 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 LOUISVILLE 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: Councilman Tandy
WHEREAS, the Kentucky General Assembly enacted KRS 65.7041- 65.7083 and KRS 154-30.010-154-30.090 (the "Act") relating to tax increment financing and urban redevelopment, which Act also authorizes certain State Participation Programs to encourage private investment in the development of major projects that will have a significant impact in the Commonwealth; and
WHEREAS, 725 Partnership, LLC, a Kentucky limited liability company, (the "Developer") plans to undertake a major project within the Hotel NULU Development Area (the "Development Area") to complete the Hotel NULU Project, along with the related public infrastructure and public amenities, (the "Project"), as more particularly described in the Development Plan attached hereto as Exhibit A; and
WHEREAS, the Project when fully developed will involve new capital investment of in excess of $34 million, and the Project meets the definition of a mixed-use project under the Act, and qualifies as a development area, and for a pledge of state incremental revenues under one of the State Participation Programs as provided in the Act; and
WHEREAS, in accordance with the provisions of the Act a Development Plan for the Development Area has been prepared and a public hearing has b...

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