ORDINANCE NO. , SERIES 2026
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AN ORDINANCE (A) AMENDING THE LOUISVILLE ARENA ZONE TO REMOVE THE NEW DEVELOPMENT AREA, (B) ESTABLISHING A NEW DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.490- 65.499 TO BE KNOWN AS THE BASEBALL NEW DEVELOPMENT AREA, APPROVING ENTERING INTO TWO GRANT CONTRACTS, AUTHORIZING THE PAYMENT OF THE "RELEASED AMOUNT" PURSUANT TO THE TERMS AND CONDITIONS OF THE GRANT CONTRACTS, 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 HERNDON
WHEREAS, the Legislative Council of the Louisville/Jefferson County Metro Government enacted Ordinance No. 226, Series 2006 ("2006 Ordinance") establishing a development area (the "Development Area") pursuant to KRS 65.490 through KRS 65.499 (the "Act") and referred to as the "Louisville Arena Zone" in order to provide tax increment financing for the Louisville Arena Project;
WHEREAS, the 2006 Ordinance was amended by Ordinance No. 179, Series, 2007, Ordinance No. 75, Series 2008 and Ordinance No. 179, Series 2013 (collectively, the "Louisville Arena Zone Ordinance");
WHEREAS, the Louisville Arena Authority, Inc. ("LAA") and the Commonwealth of Kentucky (the "Commonwealth") entered into a Grant Contract with an effective date of December 17, 2006, as amended by an Amended and Restated Grant Contract with an effective date of February 1, 2007, a Second Amended and Restated Grant Contract with an effective date of November 16, 2007, a Third Amended and Restated Grant Contract with an effective date of June 26, 2008, a Fourth Amended and Restated Grant Contract with an effective date of September 15, 2011, a Fifth Amended and Restated Grant Contract with an effective date as of January 15, 2014 and a Sixth Amended and Restated Gr...
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