Title
An Ordinance repealing Ordinance No. 252-2009, dissolving the Showprop Lexington Development Area and Incremental Tax Special Fund, and cancelling, terminating, or authorizing the Mayor or his designee to request the termination of any Agreements related to Ordinance No. 252-2009. [Mayor’s Office, Atkins]
Summary
Authorization to repeal Ordinance 252-2009 to dissolve the Showprop Lexington Development Area and Incremental Tax Special Fund. (L208-13) (Atkins)
This is a request to repeal Ordinance 252-2009 dissolving the Showprop Lexington Development Area and Incremental Tax Special Fund. There has been no substantial activity related to the proposed development area since it was approved in September 2010 by the Kentucky Economic Development Finance Authority.
Budgetary Implications: Yes/NO
Advance Document Review: Law/Risk Management
Fully Budgeted: Yes/No/Partial
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
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Body
WHEREAS, there has been no substantial activity related to the original proposed development plan for the Showprop Lexington Development Area; and
WHEREAS, the Lexington-Fayette Urban County Government is no longer desirous of designating the Showprop Lexington Development Area for special incremental tax treatment.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the above recitals are incorporated herein as if fully stated.
Section 2 - That Lexington-Fayette Urban County Government Ordinance No. 252-2009 is hereby repealed in its entirety and the Showprop Lexington Development Area and incremental tax special fund are dissolved.
Section 3 - That the Mayor or his designee is hereby authorized to request the termination of the tax incentive agreement with the Kentucky Economic Development Authority related to the underlying project and development area, and any remaining agreements related to Ordinance No. 252-2009 or ...
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