ORDINANCE NO. ____________, SERIES 2017
TITLE
AN ORDINANCE AMENDING ORDINANCE NO. 102, SERIES 2016 AS PERTAINING TO THE 2016-2017 CAPITAL BUDGET FOR A NEW PROJECT TITLED 18TH AND BROADWAY WALMART PROJECT.
BODY
SPONSORED BY:
WHEREAS, Newbridge Development, LLC, a Kentucky limited liability company, (the "Developer") plans to undertake a $30 million project to bring a major retail establishment to 18th and Broadway ("Project"); and.
WHEREAS, the Legislative Council of the Louisville/Jefferson County Metro Government (the "Council") strongly supports the establishment of a Walmart at 18th and Broadway; and,
WHEREAS, the establishment of the Walmart store on 18th and Broadway will provide an entire product base not currently available in West Louisville; and
WHEREAS, the Council finds the Project to be undertaken by the Developer will result in an increase in the value of property in the surrounding area, will result in increased employment opportunities for the area residents and will increase the tax base of Louisville;
WHEREAS, the Council has determined that based on the benefits to be derived from the Project that it is in furtherance of its public purposes to assist Developer with the costs of the Project and agrees to grant Two Hundred Fifty Thousand Dollars ($250,000) to the Developer to be used solely for street side improvements for the Project.
Now therefore be it ordained by the Legislative Council of the Louisville/Jefferson County Metro Government as follows:
SECTION I: Ordinance 102, Series 2016 Part I. Chief of Louisville Forward, M. Economic Development, is hereby amended as follows:
Number Project Title Fund Amount
18th & Broadway Walmart Project BOND $250,000
SECTION II: Ordinance 102, Series 2016 Part I., H. Public Works & Assets is hereby amended as follows:
Number Project Title Fund Amount
14 Metro Street Improvements
a. BOND 14,859,000 14,609,000
SECTION III...
Click here for full text