Louisville Metro Government - File #: O-337-17

• File #: O-337-17
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/22/2017
• In control: Metro Council
• On agenda: 10/12/2017
• Final action: 10/26/2017
• Title: AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE BUTCHERTOWN STADIUM DISTRICT 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/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.
• Sponsors: Barbara Sexton Smith (D-4), Vicki Aubrey Welch (D-13)

Date	Ver.	Action By	Action	Result
10/26/2017	1	Metro Council	passed	Pass
10/12/2017	1	Metro Council	postponed to a date certain	Pass
10/5/2017	1	Labor and Economic Development Committee	recommended for approval	Pass
10/3/2017	1	Labor and Economic Development Committee	recommended for approval
10/3/2017	1	Labor and Economic Development Committee	tabled	Pass
9/28/2017	1	Metro Council	assigned

ORDINANCE NO. , SERIES 2017
title
AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE BUTCHERTOWN STADIUM DISTRICT 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/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.
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SPONSORED BY: COUNCIL MEMBERS SEXTON SMITH AND AUBREY WELCH
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 of Kentucky by establishing development areas to increase property values, increase employment opportunities, and increase economic activity;
WHEREAS, Louisville City Stadium, LLC, a Kentucky limited liability company, and Butchertown Development District, LLC, a Kentucky limited liability company (collectively, the "Developer") plan to undertake a major project within the Butchertown Stadium District Development Area (the "Development Area") to complete the Butchertown Stadium District Redevelopment Project (the "Project"), as more particularly described in the Development Plan attached hereto as Exhibit A;
WHEREAS, the Project, when fully developed, will involve new capital investment in excess of $100 million, meets the definition of a mixed-use project under the Act, qualifies as a development area, ...