Pending Legislation
1.
A RESOLUTION DETERMINING CERTAIN PROPERTY AT 664 SOUTH FIFTH STREET
AS SURPLUS AND NOT NEEDED FOR A GOVERNMENTAL PURPOSE AND
AUTHORIZING ITS TRANSFER.
Primary Jecorey Arthur (D-4)
Sponsors:
Attachments:
A motion was made by Chair Dorsey, seconded by Vice Chair Engel, that this
Resolution be recommended for approval.
The following spoke to this item:
- Jason Woodall, Louisville Forward
- Mark Franklin, Dinsmore & Shohl LLP
- Committee Member Purvis
- Committee Member Kramer
- Committee Member Ackerson
The following was discussed:
- Louisville Forward has signed a certification of surplus property
- Dinsmore & Shohl LLP serves as bond counsel for Gannett -- Gannett owns
and operates the Courier Journal
- In 2001, Louisville Metro Government issued bonds for the Courier Journal to
finance the companies printing press located at 550-598 West Broadway -- the
purpose of the bond issue was to make the property and project exempt from
property taxes
- Gannett wants to sell the Courier Journals printing press property -- this
requires Gannett to terminate the bond issue and transfer the title from
Louisville Metro Government back to Gannett so the property can be sold
- A small portion of the real property was transferred after the bond issue to a
separate deed that was not connected by documents to the bonds
- The Jefferson County Attorney's office recommended that Dinsmore & Shohl
LLP provide a Declaration of Access Property that can be transferred with the
rest of the parcel back to Gannett in connection with the bond issue
- The bonds are being terminated so said property can be sold through the
property tax base and be taxed both by Louisville Metro Government as well
as any other local taxing authorities
- Questions were asked regarding the size of this parcel of property -- the
parcel is .0421 acres -- a building currently resides on this parcel
- Questions were asked regarding how the property was conveyed to Louisville
Metro Government -- through the Industrial Revenue Bond (IRB) the parcel was
conveyed to Louisville Metro Government so there could be tax incentives
- Questions were asked regarding whether the bond would be paid off when
Louisville Metro Government transfers the title back to Gannett and Dinsmore
& Shohl LLP -- at the same time the transfer occurs the bonds will be paid
- This property sold for $900,000 in 2002
The motion carried by a voice vote and the Resolution was sent to the Consent
Calendar.