Title
A Resolution superseding Resolution No. 784-2015, and requesting that the Ky. General Assembly instead adopt legislation allowing the Lexington-Fayette Urban County Government to increase the Transient Room Tax for Urban County Governments by an additional two and one-half percent (2.5%) for the purpose of funding Convention Centers, and expressing the willingness of the Lexington-Fayette Urban County Council to provide $10 million in matching funds toward the renovation or reconstruction of the Lexington Center. [Council Office, Maynard]
Summary
Body
WHEREAS, the Lexington-Fayette Urban County Council previously adopted Resolution No. 784-2015 related to a request that the Kentucky General Assembly authorize a two percent (2%) increase to the transient room tax for the purpose of funding improvements to the Lexington Center; and
WHEREAS, since the adoption of the above Resolution the Governor has proposed providing up to $60 million of economic investment funding from the Commonwealth of Kentucky for the renovation or reconstruction of the Lexington Center (the "Project"); and
WHEREAS, in order to obtain this funding from the Commonwealth there is an expectation that the Lexington-Fayette Urban County Government commit an amount of $10 million towards the Project; and
WHEREAS, the Lexington Center Corporation is willing to reimburse the Commonwealth of Kentucky for the monies it previously provided towards the Rupp Arena Project on or before December 31, 2016; and
WHEREAS, the Lexington Center Corporation is now requesting that the transient room tax be raised by an additional one-half percent (0.5%) above the two percent request in Resolution No. 784-2015, which would be dedicated for payment to the Commonwealth of Kentucky until its $60 million economic investment in the Project is recouped;
WHEREAS, the Urban County Council is in favor of requesting the additional increase to the transient room tax and t...
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