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File #: O-299-21    Version: Name:
Type: Ordinance Status: Passed
File created: 6/21/2021 In control: Metro Council
On agenda: 8/12/2021 Final action: 8/12/2021
Title: AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE 726 EAST MARKET STREET 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: Kevin Triplett (D-15)
Attachments: 1. O-299-21 V.2 CAM 080321 Creating Development Area and TIF for 726 East Market Street Dev. Area.pdf, 2. O-299-21 ATTACH Exhibit A - Development Plan.pdf, 3. O-299-21 ATTACH Exhibit B - Development Area Map.pdf, 4. O-299-21 ATTACH Exhibit C - Local Participation Agreement.pdf, 5. O-299-21 CAM 080321 ATTACH Exhibit D - MOU Bunkhouse Phoenix Hill - Community BenefitsRevised.pdf, 6. O-299-21 V.1 062421 Creating Development Area and TIF for 726 East Market Street Dev. Area.pdf, 7. NOTICE OF PUBLIC HEARING 726 East Market Street.pdf, 8. Bunkhouse Hotel and Art Garden TIF Handout.pdf, 9. ORD 118 2021.pdf
ORDINANCE NO. , SERIES 2021
title
AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE 726 EAST MARKET STREET 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)
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SPONSORED BY: COUNCIL MEMBER KEVIN TRIPLETT

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, Mountain & River City, LLC, a Delaware limited liability company, or an affiliate of same (the "Developer") plans to undertake a major project within the 726 East Market Street Development Area (the "Development Area") to complete the 726 East Market Street 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 $29 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 to ...

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