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12/4/84 Page -9- <br />on this project. He would estimate that <br />the City has commited approximately 1 mi111~ _1rr <br />dol]! ars . At this time we have. not had a com7n7 t- <br />ment: from the business community. The City <br />is essentially saying that they will put <br />up ;>5 for every $1 they put up. He felt <br />that: rate also reflected that the Council <br />feels that the downtown is special. Mr. <br />Leary stated that if we were to look into <br />other cities, the City Council of Louisville: <br />is willing to put more tax dollars into <br />thi~~ area than most projects. He felt that <br />it was the time to act because of the windc~k~~ <br />we have now. The Homart project has not <br />started moving so there is still time for <br />a stronger economic base to be developed <br />in the downtown area. There is competiti~:_ <br />developing around the area. <br />Mr. Leary stated that the unfortunate part <br />of delaying the ordinance is that there is <br />a lot of support for the project. There are <br />business people who have put in a lot of ti~~~. <br />on it; that are willing to commit their <br />money right now if we walked out on the street. <br />But it is not a majority. Unfortunately <br />there are a lot of business people in the <br />downtown area that have taken a lot of risks <br />and they are probably not doing overly well <br />but they have committed to our City and he <br />felt that we should be commiting to them. <br />He apologized to the people that have worked <br />hard on the downtown project and are willing <br />to make the financial commitment; but he <br />could not see at this time, there was any <br />way that the Council can proceed. He <br />felt that we couldn't go to public hearing <br />with something commiting 40~ of the revenues <br />for something that we don't even know is <br />going to take place. It is clear that by <br />the :next public hearing time, there is not <br />going to be the opportunity to form a Special <br />District. He reiterated that he felt this <br />ordinance needed to be tabled until we can <br />clarify all of the issues. <br />Councilman Leary favored delaying the ordinance <br />inde:Einitely. Mayor Meier favored delaying <br />the ordinance until next meeting. Council- <br />members Morris and Luce favored delaying the <br />ordinance no more than a month, and felt <br />