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Operator means the owner or potential owner of a business that is <br />eligible for inclusion in the BAP created by this chapter. <br />Owner means the record owner or potential record owner of real <br />property upon which one or more business is operated. <br />Section 2. Section 3.24.100 of the Louisville Municipal Code is hereby <br />amended to read as follows (words to be added are underlined; words to be deleted are <br />StriGken through): <br />Sec. 3.24.100. -Agreement with city; required; contents. <br />Each application for inclusion in the BAP submitted to the city shall <br />be considered solely on its own merits. Approval of an application shall <br />require that an agreement be executed by the applicant and the city, which <br />agreement shall, at a minimum, contain: <br />A. A list of those public or public -related improvements which <br />justify the application's approval, and the amount which shall be spent on <br />such improvements; <br />B. The maximum amount of enhanced sales taxes or fees to be <br />shared, the timing of payment of any such shared taxes or fees, and the <br />maximum time during which the agreement shall continue, it being <br />expressly understood that any such agreement shall expire and be of no <br />further force and effect upon the occurrence of the earlier to be reached of <br />the maximum time of the agreement (whether or not the maximum amount <br />to be shared has been reached) or the maximum amount to be shared <br />(whether or not the maximum time set forth has expired); <br />C. A statement that the agreement is a personal agreement which <br />does not run with the land; <br />D. A statement that the agreement shall never constitute a multi- <br />year fiscal obligation, debt or other obligation of the city within the meaning <br />of any constitutional or statutory provision; <br />E. The base amount which is agreed upon and the timing of <br />periodic payments of enhanced sales taxes to be shared and the fact that <br />if, in any period as specified, sales taxes received from the property do not <br />at least equal said base amount, there shall be no sharing of sales taxes for <br />said period, and that any deficit for any such period shall be carried over to <br />succeeding periods until the difference between the base amount and the <br />amount of sale tax actually paid is recovered by the city; <br />Ordinance No. 1857, Series 2023 <br />Page 3of11 <br />