ORDINANCE NO. , SERIES 2026
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AN ORDINANCE AMENDING ORDINANCE NO. 95, SERIES 2025 IN ORDER TO AMEND THE PROJECT, ADOPTING AN AMENDED AND RESTATED DEVELOPMENT PLAN, APPROVING ENTERING INTO AN AMENDED AND RESTATED LOCAL PARTICIPATION AGREEMENT AND AUTHORIZING THE PAYMENT OF THE "RELEASED AMOUNT" PURSUANT TO THE TERMS AND CONDITIONS OF THE AMENDED AND RESTATED 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 KEN HERNDON
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, the Legislative Council of the Louisville/Jefferson County Metro Government (the "Council") in Ordinance No. 95, Series 2025 ("Enactment Ordinance"), established the 700 East Main Street Development Area ("Development Area") and authorized the release of certain incremental local tax revenues to benefit the project to be constructed within the Development Area pursuant to the terms of the Act and the Establishment Ordinance;
WHEREAS, NuLu Crossing, LLC, a Delaware limited liability company, or an affiliate of same (collectively, the "Developer") seeks to amend the project originally approved for the Development Area as part of the Establishment Ordinance (the "Original Project") to include the following: approximately 340 multi-family residen...
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