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January 1, 2009, there is hereby levied, and there shall be collected and paid, an <br /> additional sales tax of one-eighth of one percent of the purchase price of tangible <br /> personal property at retail or the furnishing of services, as authorized at the <br /> November 4, 2008 election. <br /> Section 2. Chapter 3.20 of the Louisville Municipal Code is hereby amended by the <br /> addition of a new Section 3.20.605, to read as follows: <br /> Sec. 3.20.605. Sales Tax—Historic preservation tax and fund. <br /> A. The historic preservation fund is established as a special revenue <br /> fund to account for revenues derived from the temporary one-eighth of one <br /> percent sales tax for historic preservation purposes imposed for the ten-year period <br /> beginning on January 1, 2009. <br /> B. Revenues from such temporary one-eighth percent sales tax <br /> imposed for the ten-year period beginning on January 1, 2009 shall be deposited <br /> into the historic preservation fund and the net proceeds of such one-eighth percent <br /> sales tax shall be collected, retained and spent exclusively for the following <br /> purposes within historic Old Town Louisville, which area includes the "Historic <br /> Old Town Overlay District" and "Downtown Louisville" as defined by the city <br /> zoning map and ordinances., in order to preserve the unique charm and character <br /> of historic Old Town Louisville: <br /> 1. Provide incentives to preserve historic resources, including funding <br /> of programs to identify and attempt to preserve buildings which <br /> qualify for listing on the Louisville Register of Historic Places; <br /> 2. Provide incentives to preserve buildings that contribute to the <br /> historic character of historic Old Town Louisville but do not <br /> qualify for listing on the Louisville Register of Historic Places, <br /> with such buildings to be treated the same as historic buildings but <br /> with lower priority; <br /> 3. Provide incentives for new buildings and developments within <br /> historic Old Town Louisville to limit mass, scale, and number of <br /> stories; to preserve setbacks; to preserve pedestrian walkways <br /> between buildings; and to utilize materials typical of historic <br /> buildings, above mandatory requirements; and <br /> 4. For city staff time to administer these programs. <br /> C. Receipt of financial incentives funded by such proceeds shall be <br /> conditioned upon historic landmarking of the receiving property if the property <br /> qualifies for listing on the Louisville Register of Historic Places, or conditioned <br /> 2 <br />