RESOLUTION NO. ______, SERIES 2017
A RESOLUTION DETERMINING CERTAIN PARCELS OF REAL PROPERTY LOCATED IN THE BUTCHERTOWN NEIGHBORHOOD AND UNDER OPTION AGREEMENTS BY LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT ("METRO GOVERNMENT") AS SURPLUS AND NOT NEEDED FOR A GOVERNMENTAL PURPOSE AND AUTHORIZING THEIR TRANSFER.
SPONSORED BY: COUNCIL MEMBERS SEXTON SMITH AND AUBREY WELCH
WHEREAS, according to KRS Chapter 67C.101, Metro Government may sell, lease or otherwise dispose of any real property belonging to Metro Government; and
WHEREAS, Section 1(A) of Executive Order No. 2, Series 2011 of the Mayor, which adopts Section 2(C) of Executive Order No. 3, Series 2007, provides that Metro Government may sell and convey surplus real estate upon declaration by the Legislative Council of Metro Government ("the Council") that such property is no longer needed for the governmental purposes of Metro Government; and
WHEREAS, Metro Government has entered option agreements with the current owners of the real property that is the subject of this Resolution and more particularly described in Exhibit A, attached hereto and made a part hereof, (the "Site"), which, if exercised, would allow Metro Government to acquire the Site; and
WHEREAS, Metro Government has entered into a Development Agreement dated September 20, 2017, (the "Development Agreement"), a copy of which is attached as Exhibit B, with Butchertown Development District, LLC, a Kentucky limited liability company and Louisville City Stadium, LLC, a Kentucky limited liability company ("the Developers"), to enable the redevelopment of the Site; and
WHEREAS, the Development Agreement contemplates the construction of (i) a soccer stadium for the immediate future of hosting Louisville City FC in the United Soccer League, which stadium could also be expanded to host a future major league soccer team should Louisville be granted a franchise in the coming years (the "Stadium"), and (ii) commercial developm...
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