Title
An Ordinance of the Lexington-Fayette Urban County Government making certain findings concerning and establishing a development area for economic development purposes within Fayette County to be known as The Fountains at Palomar Development Area; approving a local participation agreement between Lexington-Fayette Urban County Government, the Dept. of Finance of the Lexington-Fayette Urban County Government, and The Fountains at Palomar, LLC, as Developer, establishing an incremental tax special fund for payment of administrative costs, public infrastructure costs, and redevelopment assistance; designating the Dept. of Finance of the Lexington-Fayette Urban County Government as the agency responsible for oversight, administration, and implementation of the Development Area; approving a Master Development Agreement between the Lexington-Fayette Urban County Government, the Dept. of Finance of the Lexington-Fayette Urban County Government and The Fountains at Palomar, LLC; and authorizing the Mayor and other officials to take such other appropriate actions as are necessary or required in connection with the establishment of the Development Area. [Dept. of Finance, O'Mara]
Summary
Authorization to establish a Tax Increment Finance (TIF) Development Area for The Fountains at Palomar Redevelopment Project and for the Mayor and Commissioner of Finance to execute the Local Participation Agreement and Master Development Agreement and any other related documents. (L0809-19) [Atkins/Scott]
Budgetary Implications: No
Advance Document Review:
Law: Yes, Barberie
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: N/A
Account Number:
This Fiscal Year Impact: Tax expenditure, not actual cost.
Annual Impact: N/A
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington-Fayette Urban County Government, an Urban County Government organized pursuant to Chapter 67A of the Kentucky Revised Statutes (the "LFUC...
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