Ordinance 2023-1857 - NO ACTION TAKEN

Home Browse Search

ORDINANCE NO. 1857 SERIES 2023 **No action was taken by Council on this item at the September 19, 2023 Council Meeting. AN ORDINANCE AMENDING TITLE 3 OF THE LOUISVILLE MUNICIPAL CODE CONCERNING THE CITY'S TAX AND BUSINESS ASSISTANCE PROGRAM SET FORTH IN CHAPTER 3.24, AND TO ADD A NEW CHAPTER 3.25 REGARDING ENHANCED ASSISTANCE FOR AEROSPACE BUSINESSES WHEREAS, the City Council adopted Chapter 3.24 of the Louisville Municipal Code ("City Code") pursuant to Ordinance No. 1507, Series 2007, which established the City's Tax and Fee Business Assistance Program ("BAP"), authorizing the rebate of certain taxes and fees to businesses to encourage the recruitment, retention, establishment and/or substantial expansion of sales tax generating businesses and employers within the City, thereby stimulating the economy of and within the City, providing employment for residents of the City and others, further expanding the goods and services available for purchase and consumption by businesses and residents of the City, and further increasing the sales taxes and fees collected by the City for the purpose of enabling the City to provide expanded and improved municipal services and public - related improvements for the benefit of the City's residents; and WHEREAS, while the BAP authorizes the rebate of up to one hundred percent (100%) of taxes and fees eligible for rebate under the BAP, the City's practice has been to rebate up to fifty (50%) of eligible taxes and fees, thus preserving the remainder for City purposes; and WHEREAS, the City Council finds that certain businesses within the aerospace industry demonstrate greater -than -average potential to further the stated purposes of the BAP, including large investment in the City of Louisville and the creation of high -paying jobs; and WHEREAS, the City Council thus finds it appropriate to offer enhanced assistance to aerospace businesses that demonstrate, and that meet certain criteria designed to target such, greater -than -average potential, in order to increase the probability such businesses will locate their operations in Louisville; and WHEREAS, the City Council further finds that enhanced assistance to aerospace businesses should include the option, at the City Council's discretion, to provide assistance from existing sources of City sales tax and fee revenues, which is an option not currently available under Chapter 3.24 of the Louisville Municipal Code ("City Code"), which limits incentives to taxes and fees generated by the properties or businesses over and above a base amount designed to preserve the City's existing tax and fee base; and WHEREAS, the City Council, therefore, desires to amend Title 3 of the City Code to add a new Chapter 3.25 concerning enhanced assistance to aerospace businesses; and Ordinance No. 1857, Series 2023 Page 1 of 11