ORDINANCE NO. , SERIES 2015
Title
AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE 800 BUILDING 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.
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SPONSORED BY: President David W. Tandy and Councilwoman Marianne Butler
WHEREAS, the Kentucky General Assembly enacted KRS 65.7041- 65.7083 (the "Act") relating to tax increment financing and urban redevelopment, which Act establishes local development areas to increase property values, increase employment opportunities, and increase economic activity; and
WHEREAS, Village Green Holding LLC, a Delaware limited liability company, (the "Developer") plans to undertake a major project within the 800 Building Development Area (the "Development Area") to complete the 800 Building Redevelopment Project (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 approximately of $32,000,000, and the Project qualifies as a development area under 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 been conducted to seek public comment on the Development Plan; and
WHEREAS, the Council finds that the Project to be undertaken in the Development Area by the Developer will result in an increase in the value of property located in the Dev...
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