ORDINANCE NO. ____________, SERIES 2017
TITLE
AN ORDINANCE AMENDING ORDINANCE NO. 102, SERIES 2016 AND ORDINANCE NO. 101, SERIES 2016 RELATING TO THE 2016-2017 CAPITAL AND OPERATING BUDGETS, RESPECTIVELY, BY ADDING A CAPITAL PROJECT TITLED VESSEL ACQUISITION APPROPRIATED TO THE WATERFRONT DEVELOPMENT CORPORATION AND BY TRANSFERRING $750,000 TO THE CAPITAL CUMULATIVE RESERVE FUND.
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Sponsored By: Council Member Barbara Sexton Smith
WHEREAS, the Spirit of Jefferson is one of two riverboats maintained and operated by the Waterfront Development Corporation for the benefit of our river city community;
WHEREAS, the Spirit of Jefferson is important to the operation of Louisville Metro's riverboats because it yields an annual surplus;
WHEREAS, the Spirit of Jefferson was built in 1963 and is in need of significant repairs and improvements that are estimated to cost more than the value of the riverboat;
WHEREAS, Waterfront Development Corporation seeks to replace the Spirit of Jefferson with a newer riverboat that is projected to increase revenue with its capacity to nearly double its number of passengers while maintaining the same operational costs;
WHEREAS, the riverboat the Waterfront Development Corporation has contracted to purchase is a 565 passenger vessel that is 90' long by 30'wide with updated equipment and improved amenities; and
WHEREAS, Waterfront Development Corporation does not request an allocation of additional funding for the purchase of the new riverboat, but rather requests a transfer of funds from the General Fund to the Capital Cumulative Reserve Fund.
BE IT ORDAINED BY THE LEGISLATIVE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT (THE COUNCIL) AS FOLLOWS:
SECTION I: Part I., R. Waterfront Development Corporation of Ordinance 102, Series 2016 is hereby amended as follows:
Number Project Title Fund Amount
Vessel Acquisition
a. CCRF $420,217
b. DONATIONS $329,783
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