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 MAGAZINE 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 (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, Allied Argenta LLC, a Delaware limited liability company, or an affiliate of same (the "Developer") plans to undertake a major renovation project within the Magazine Street Development Area (the "Development Area") to complete the Magazine Street Lebanon Project (the "Project"), as more particularly described in the Development Plan attached hereto as Exhibit A;
WHEREAS, KRS 65.501(7)(b) excludes from the calculation of local tax revenues for the tax increment financing project to be created pursuant to KRS 65.604(1), revenues that have been pledged to support a tax increment financing project established under the Act;
WHEREAS, the Project will be established under the Act in the calendar year prior to the tax increment financing project being created pursuant to KRS 65.604(1);
WHEREAS, the Project, which qualifies as a development area under the Act, will involve new capital investme...
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