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Council adopts amended industrial revenue bond policy, narrows workforce-housing definition
Summary
After a committee recommendation, the council approved amended industrial revenue bond policies and procedures and adopted a council-floor amendment that narrows the program’s workforce-housing definition to households earning 80–120% of AMI with rents capped at 30% of monthly income.
Lexington City Council on Sept. 16 adopted amended industrial revenue bond (IRB) policies and procedures after a recommendation from the Budget, Finance and Economic Development Committee and a council-floor amendment redefining workforce housing for IRB leaseback arrangements.
Councilmember James Brown reported the committee’s work, saying the IRB policy review aimed to permit housing in some circumstances while maintaining job-creation requirements and considering an expanded geographic area for IRB applications. On behalf of the committee he moved to approve the amended policies.
Councilmember Baxter offered a floor amendment to align the IRB guidance with the city’s planning definition of workforce housing. Baxter moved to define workforce housing, for special considerations involving leaseback arrangements, as “residential units with monthly rents no greater than 30% of the monthly income of a household earning between 80.0–120% of the area median income (AMI).” Councilmember Morton seconded the amendment. The council adopted the amendment by voice vote, and then approved the committee motion as amended by voice vote.
The committee’s presentation included senior administrative staff remarks that IRBs are intended to support economic development and job creation and that the policy review had recommended clarifying when housing could be eligible under IRB programs.
Ending: Councilmember Brown told colleagues that additional issues surfaced during committee consideration and may return for further discussion after staff follow-up with economic development staff.
