Revitalization Commission Resolution 19-03

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LOUISVILLE REVITALIZATION COMMISSION RESOLUTION NO. 19-03 A RESOLUTION APPROVING A PROPERTY TAX INCREMENT REBATE AGREEMENT WITH 712 MAIN STREET LLC AND 722 MAIN STREET LLC WHEREAS, the Louisville Revitalization Commission (the "LRC") is charged with addressing issues contributing to blight within the Urban Renewal Area; and WHEREAS, 712 Main Street LLC and 722 Main Street LLC (collectively, the "Developer"), the property owner and developer of the proposed Terraces on Main have requested direct financial assistance from the LRC to remediate and prevent the spread of blight within the area of the Highway 42 RevitaIization Area Urban Renewal Plan (the "Plan Area"); and WHEREAS, remediating and preventing the spread of blight within the Plan Area will encourage property owners within the area to redevelop their properties in furtherance of the goals and purposes of the Highway 42 Revitalization Area Urban Renewal Plan; and WHEREAS, a Property Tax Increment Rebate Agreement (the "Agreement") has been proposed between the LRC and the Developer to provide the requested financial assistance in the form of a partial rebate of property tax increment ("TIF") revenues received by the LRC and generated only by the Developer's project, as set forth in the Agreement; and WHEREAS, in accordance with Section 5.6 of the Highway 42 Revitalization Area Urban Renewal Plan and Section 5.d the Amended and Restated Cooperation Agreement between the LRC and the City of Louisville, on November 4, 2019, the City Council approved the Agreement; and WHEREAS, the Board of Commissioners of the Louisville Revitalization Commission have reviewed the proposed Agreement, finds its terms acceptable, and desires by this resolution to approve the same. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE LOUISVILLE REVITALIZATION COMMISSION: Section 1. The Property Tax Increment Rebate Agreement between the Louisville Revitalization Commission and 712 Main Street LLC and 722 Main Street LLC is hereby approved in the form of such Agreement accompanying this Resolution. Section 2. The LRC Chair is authorized to execute the Agreement on behalf of the LRC, and is further authorized to negotiate and approve such revisions to the proposed Agreement as the Chair determines are in the best interests of the LRC, provided the essential terms and conditions of the Agreement are not altered.