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File #: O-336-19    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 9/26/2019 In control: Metro Council
On agenda: 11/7/2019 Final action: 11/7/2019
Title: AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE FIFTH AND BROADWAY 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 (AS AMENDED).
Sponsors: David James (D-6), Barbara Sexton Smith (D-4)
Attachments: 1. O-336-19 FAM 5th and Broadway TIF Amended 110719.pdf, 2. O-336-19 ATTACH to FAM 5th and Broadway TIF Amended 110719.pdf, 3. O-336-19 V.1 101019 Fifth and Broadway Development Area.pdf, 4. O-336-19 V.1 101019 Fifth and Broadway Development Area EXHIBIT A (attach to Ordinance).pdf, 5. O-336-19 V.1 101019 Fifth and Broadway Development Area EXHIBIT B (attach to Ordinance).pdf, 6. O-336-19 V.1 101019 Fifth and Broadway Development Area EXHIBIT C (attach to Ordinance).pdf, 7. LED Presentation 10.29.19.pdf, 8. ORD 171 2019.pdf
ORDINANCE NO. , SERIES 2019
TITLE
AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE FIFTH AND BROADWAY 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 (AS AMENDED).
BODY
SPONSORED BY: PRESIDENT DAVID JAMES AND
COUNCILMEMBER BARBARA SEXTON SMITH
WHEREAS, the Kentucky General Assembly enacted KRS 65.7041- 65.7083 (the "Act") relating to tax increment financing and urban redevelopment, which Act establishes development areas to increase property values, increase employment opportunities, and increase economic activity;
WHEREAS, Fifth and Broadway, LLC, a Kentucky limited liability company, or an affiliate of same (the "Developer") plans to undertake a major project within the Fifth and Broadway Development Area (the "Development Area") to complete the Fifth and Broadway Redevelopment Project (the "Project"), as more particularly described in the Development Plan attached hereto as Exhibit A;
WHEREAS, the Project, which qualifies as a development area under the Act, will involve new capital investment of approximately $50 million when fully developed;
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;
WHEREAS, the Legislative Council of the Louisville/Jefferson County Metro Government (the "Council") finds that the Project...

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