Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute an Economic Incentive Agreement with LSC Stadium Co., LLC, related to the construction of a stadium for professional soccer, to provide a 1% Occupational License Fee refund for certain employee withholdings for up to 10 years, support for the future issuance of an Industrial Revenue Bond which shall not exceed $50 million or 15 years in length, and the reimbursement of up to $1,000,000 of public infrastructure costs in the form of a forgivable loan, and further authorizing the Mayor to execute any additional necessary documents related to the Loan Agreement. [Mayor's Office, Atkins]
Summary
Authorization to execute an Economic Incentive Agreement with LSC Stadium Company, LLC to provide the following incentives: 1) a 1% payroll tax refund for a period of ten (10) years; 2) a commitment to the future issuance of an Industrial Revenue Bond ("IRB") Incentive, subject to the Company obtaining PILOT Agreements with other relevant taxing districts in Fayette County. The Bond(s) shall not exceed fifteen (15) years in duration and a total amount of $50 million; and 3) a Public Infrastructure Forgivable Loan Incentive in the amount of $1,000,000 for the development and construction of a professional soccer stadium with a minimum of 5,250 seats, a related training facility, and the creation and retention of between 50 and 150 new full-time or full-time equivalent jobs that must be retained for at least ten (10) years. The Economic Development Investment Board reviewed the requests for IRB and Public Infrastructure Forgivable Loan Incentive for this project, and have recommended Council approval of both incentives. As part of the approval process the Council will waive the requirement in the Ordinance related to the public infrastructure funds that the funding be provided in the form of an interest free loan. Budget Amendment in process. (L1104-23) (Atkins)
Budge...
Click here for full text