Title
An Ordinance amending and reenacting Ordinance No. 47-2010 to expand the Red Mile Development Area which was created for tax increment financing purposes to include additional property within the Development Area, without changing the list of approved public infrastructure improvements or their cost, or the amount of tax revenue that has been previously approved or committed for reimbursement by the Lexington-Fayette Urban County Government and the Commonwealth of Ky. in regard to the Red Mile Mixed-Use Project; adopting the Red Mile Development Area as amended herein; making certain findings of the Government in support of its decision; and authorizing the Mayor and other appropriate officials to take such other actions that are necessary or required in connection with making improvements within the Red Mile Development Area in conformity with tax increment financing requirements. [Mayor’s Office, Atkins]
Summary
Authorization to amend and reenact Ordinance No. 47-2010 to expand the Red Mile TIF Development Area to include additional property. (L180-12) (Atkins)
This is a request to amend and reenact Ordinance No. 47-2010 to expand the Red Mile TIF Development Area to include additional property. There is no budgetary impact.
Budgetary Implications: No
Advance Document Review: NA
Fully Budgeted: NA
Account Number: NA
This Fiscal Year Impact: NA
Annual Impact: NA
Project: NA
Activity: NA
Budget Reference: NA
Body
WHEREAS, Pursuant to Lexington-Fayette Urban County Government Ordinance No. 47-2010 the Lexington-Fayette Urban County Government (“LFUCG”) adopted the Red Mile Development Plan and established the Red Mile Development Area in 2010 pursuant to KRS 65.7041 to 65.7083 (the “Act”) to encourage reinvestment in an area of the community characterized by deterioration and inadequate public improvements as permitted under the Act to fund public infrastructure improvements through the use of state and local “incremental revenues, as defined in t...
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