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File #: O-536-21    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 10/22/2021 In control: Labor and Economic Development Committee
On agenda: 12/2/2021 Final action: 12/2/2021
Title: AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE SHELBY 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.
Sponsors: Jecorey Arthur (D-4)
Attachments: 1. O-536-21 V.1 111121 Establishing a Development Area and TIF as the Shelby Street Devlopment Area.pdf, 2. O-536-21 ATTACH Exhibit A - Development Plan.pdf, 3. O-536-21 ATTACH Exhibit B - Map of Development Area.pdf, 4. O-536-21 ATTACH Exhibit C - Local Participation Agreement.pdf, 5. O-536-21 ATTACH Exhibit D - Memorandum of Understanding.pdf, 6. ORD 178 2021.pdf
ORDINANCE NO. , SERIES 2021
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AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE SHELBY 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.
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SPONSORED BY: COUNCIL MEMBER JECOREY ARTHUR

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 establishes development areas to increase property values, increase employment opportunities, and increase economic activity;
WHEREAS, the 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;
WHEREAS, City Development Group, LLC, a Kentucky limited liability company, Weyland Ventures Development, LLC, a Kentucky limited liability company, or an affiliate of same (collectively, the "Developer") plans to undertake a major project within the Shelby Street Development Area (the "Development Area") to complete the Shelby 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 $115 million when fully developed, of which approximately $11 million is related to public infrast...

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