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An Ordinance amending and restating Ordinance No. 141-2022, relating to the Public Infrastructure Program, in its entirety, and providing for its purpose, Program fund protections, priorities, limitations, criteria, an application process, administration by the Mayor's Chief Development Officer with oversight by the Economic Development Investment Board, and a Program fund and the adoption of new Program policies and guidelines; all effective upon date of passage. [Council Office, Hall]
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NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Ordinance No. 141-2022, which Amended and Restated Ordinance No. 51-2017, which created the Public Infrastructure Program, is hereby amended and restated in its entirety to read as follows:
A. That there is hereby established a local economic development and infill incentive program to be known as the "Lexington Public Infrastructure Program" (the "Program").
B. That the purpose of the Program is to provide certain qualified projects with local funding for public infrastructure improvements through interest-free loans with terms not to exceed ten (10) years in length in order to promote employment growth within Lexington-Fayette County and increase development within its Urban Service Boundary, with an emphasis, but not a requirement, on funding projects located within Infill and Redevelopment areas. The Program is focused on providing last dollar public infrastructure funding to incentivize viable projects that spur economic development or increase housing and provide public infrastructure benefits to multiple users.
C. That the Economic Development Investment Board will oversee the Program and shall have the following powers, duties and responsibilities as well as those related thereto:
(1) Establish policies, procedures and guidelines for the Program's operation and management; oversee and manage the Program's financial and administrative...
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