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File #: O-406-21    Version: Name:
Type: Ordinance Status: Passed
File created: 8/9/2021 In control: Metro Council
On agenda: 8/26/2021 Final action: 8/26/2021
Title: AN ORDINANCE ESTABLISHING A LOCAL DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE DUPIN DRIVE LOCAL DEVELOPMENT AREA, DESIGNATING THE METRO DEVELOPMENT AUTHORITY, INC. AS AN "AGENCY", APPROVING ENTERING INTO A LOCAL DEVELOPMENT AREA AGREEMENT, AUTHORIZING THE PAYMENT OF THE "RELEASED AMOUNT" PURSUANT TO THE TERMS AND CONDITIONS OF THE LOCAL DEVELOPMENT AREA 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: Mark Fox (D-13)
Attachments: 1. O-406-21 V.2 FAM 082621 Creates Dupin Dr. Development Area.pdf, 2. O-406-21 ATTACH EXHIBIT A Local Development Area.pdf, 3. O-406-21 ATTACH EXHIBIT B Local Development Area Agreement.pdf, 4. O-406-21 ATTACH EXHIBIT C - Memorandum of Understanding.pdf, 5. O-406-21 PROPOSED FAM 082621 Creates Dupin Dr. Development Area.pdf, 6. PROPOSED EXHIBIT C - Memorandum of Understanding - Storm Water Bank LLC Nicklies Company Inc. to Louisville Metro Government.pdf, 7. O-406-21 V.1 081221 Creates Dupin Dr. Development Area.pdf, 8. LAP_Impact Analysis_Local Net New_8.6.21.pdf, 9. ORD 128 2021.pdf
ORDINANCE NO. , SERIES 2021
title
AN ORDINANCE ESTABLISHING A LOCAL DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE DUPIN DRIVE LOCAL DEVELOPMENT AREA, DESIGNATING THE METRO DEVELOPMENT AUTHORITY, INC. AS AN "AGENCY", APPROVING ENTERING INTO A LOCAL DEVELOPMENT AREA AGREEMENT, AUTHORIZING THE PAYMENT OF THE "RELEASED AMOUNT" PURSUANT TO THE TERMS AND CONDITIONS OF THE LOCAL DEVELOPMENT AREA 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 MARK FOX

WHEREAS, the Kentucky General Assembly enacted KRS 65.7041- 65.7083 (the "Act") relating to tax increment financing and development of previously undeveloped land, which Act establishes local development areas to increase property values, increase employment opportunities, and increase economic activity;
WHEREAS, Nicklies & Company, a Kentucky corporation, or an affiliate of same (the "Developer") plans to undertake a major project within the Dupin Drive Local Development Area (the "Local Development Area") to complete the Dupin Drive Project (the "Project"), as more particularly described in the Local Development Area Agreement;
WHEREAS, the Project, which qualifies as a local development area under the Act, will involve new capital investment of approximately $49 million when fully developed, including approximately $23 in public infrastructure improvements, including significant roadwork improvements that will benefit the area around the Project;
WHEREAS, in accordance with the provisions of the Act, a public hearing has been conducted to seek public comment on the Local Development Area and Project;
WHEREAS, Commonwealth Economics, LLC was engaged to analyze the data ...

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