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Committee advances revised Industrial Revenue Bond policy recommending housing rules, taxing-district involvement and expanded service area
Summary
The committee reviewed draft Industrial Revenue Bond (IRB) policy updates that would allow housing under leaseback IRBs with conditions (mixed-use, job creation and affordability/workforce thresholds tied to IRB term), require early taxing-district negotiation of PILOTs, expand eligible area to the urban service area, and approved moving ordinance/
Lexington-Fayette Urban County Government staff presented proposed updates to Industrial Revenue Bond (IRB) policies and procedures at the Aug. 19 Budget, Finance and Economic Development Committee meeting. Senior Administrative Officer Craig Vince said the review, undertaken at the administration's direction, examined leaseback IRB structures and the procedural handling of applications so the city can allow housing under limited circumstances while addressing taxing-district concerns.
Vince summarized the key proposed changes: require a pre-application meeting with LFUCG economic-development staff; engage property-taxing districts (Fayette County Public Schools, LFPL, and Lextran) early in preliminary staff review; condition formal application eligibility on demonstrated advance discussion of…
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