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LOUISVILLE REVITALIZATION COMMISSION <br />RESOLUTION NO. 20-01 <br />A RESOLUTION APPROVING A PUBLIC INFRASTRUCTURE ASSISTANCE <br />AGREEMENT BETWEEN THE CITY OF LOUISVILLE, THE LOUISVILLE <br />REVITALIZATION COMMISSION AND 824 SOUTH, INC. <br />WHEREAS, the Louisville Revitalization Commission (the "LRC") is charged <br />with addressing issues contributing to blight within the Urban Renewal Area; and <br />WHEREAS, 824 South, Inc. (the "Developer"), the property owner and <br />developer of a redevelopment project within the area of the Highway 42 Revitalization <br />Area Urban Renewal Plan (the "Plan Area") has requested assistance from the LRC, in <br />order to remediate and prevent the spread of blight within the Plan Area; and <br />WHEREAS, remediating and preventing the spread of blight within the Plan <br />Area will encourage property owners within the area to redevelop their properties in <br />furtherance of the goals and purposes of the Highway 42 Revitalization Area Urban <br />Renewal Plan; and <br />WHEREAS, a Public Infrastructure Assistance Agreement (the "Agreement") <br />has been proposed between the City, the LRC, and the Developer to provide the <br />requested financial assistance, as set forth in the Agreement; and <br />WHEREAS, in accordance with Section 5.6 of the Highway 42 Revitalization <br />Area Urban Renewal Plan and Section 5.d the Amended and Restated Cooperation <br />Agreement between the LRC and the City of Louisville, on March 17, 2020, the City <br />Council approved the Agreement by adoption of Resolution No. 25, Series 2020; and <br />WHEREAS, the Board of Commissioners of the Louisville Revitalization <br />Commission have reviewed the proposed Agreement, finds its terms acceptable, and <br />desires by this resolution to approve the same. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF <br />COMMISSIONERS OF THE LOUISVILLE REVITALIZATION COMMISSION: <br />Section 1. The Public Infrastructure Assistance Agreement between the City <br />of Louisville, the Louisville Revitalization Commission, and 824 South, Inc., is hereby <br />approved in the form of such Agreement accompanying this Resolution. <br />Section 2. The LRC Chair is authorized to execute the Agreement on behalf <br />of the LRC, and is further authorized to negotiate and approve such revisions to the <br />proposed Agreement as the Chair determines are in the best interests of the LRC, <br />provided the essential terms and conditions of the Agreement are not altered. <br />Agenda Packet P. 10 <br />