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PAGE TWO <br />SUBJECT: UPDATE /DISCUSSION - PROPOSED BUSINESS INCUBATOR <br />DATE: OCTOBER 25, 2011 <br />Street construction. The land is zoned Industrial, and an incubator is an appropriate allowed <br />use on the land. <br />Another way the City can facilitate the location of a business incubator in Louisville would be to <br />sponsor the issuance of tax - exempt private activity bonds (PABs). These bonds, also <br />commonly called Industrial Revenue Bonds, are available only when issued by a governmental <br />agency, but they do not constitute a debt of the issuing government. The City would merely be <br />a pass- through agency. To our knowledge, the City of Louisville has not used PABs to date. <br />Information on PABs is attached. <br />Andrew Unkefer has assembled a group of people to discuss the concept with the Council at <br />this study session, including John Wyatt, Vice President of Wyatt Construction, and (potentially) <br />Ryan Speir, CEO of RMI2 lnnosphere. <br />FISCAL IMPACT: <br />None at this time. <br />RECOMMENDATION: <br />Because this is a study session, we are not expecting direction, nor are we seeking a decision. <br />We would like to hear the Council's questions and /or concerns before either Andrew or City <br />staff invests any further effort into the concept. <br />ATTACHMENT(S): <br />1. Concept elevation <br />2. Information on Private Activity Bonds <br />3. Map of 5 -acres on 95th Street <br />3 <br />