Title
An Ordinance of the Lexington-Fayette Urban County Government making certain findings concerning and establishing a development area for economic development purposes within Lexington-Fayette Urban County to be known as the Thistle Station Development Area; approving a local participation Agreement between Lexington-Fayette Urban County Government and the Dept. of Finance of the Lexington-Fayette Urban County Government establishing an incremental tax special fund for payment of administrative costs, approved 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 Urban County Government's Dept. of Finance, and Thistle Holdings, 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. [Mayor's Office, Atkins]
Summary
Authorization to establish a TIF for the Thistle Station Lexington Development Area and execute the Local Participation Agreement and Master Development Agreement. The initial step in this process is the establishment of the development district and the submission of the Local Participation Agreement to the state. The Development Area is not reasonably expected to be developed without public assistance. It is estimated that the total cost of public infrastructure improvements needed within the Development Area to successfully redevelop the site as an urban mixed-use development is at least $2.7 million. The total private investment is estimated to reach $31.3 million. (L120-16)(Atkins)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes, Completed by [Attorney Barberie, January 2016]}
Fully Budgeted [s...
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