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Committee approves bill allowing nested TIFs for Yum Center redevelopment in Louisville
Summary
House Bill 775, presented by Representative Jason Nemas, would allow a smaller tax increment finance (TIF) district within the existing Yum Center TIF in Louisville; the committee approved the bill as amended by a committee sub and discussed protections requiring local and bond insurer approvals.
The House Standing Committee on Economic Development and Workforce Investment on Wednesday passed House Bill 775 as amended, a bill that would allow a smaller tax increment financing (TIF) district to be established inside the existing Yum Center TIF in Louisville, sponsor Representative Jason Nemas said.
"What we're trying to do is allow a new TIF within the TIF," Representative Jason Nemas, sponsor of HB 775, told the committee, saying the change "is not gonna cost any money to the state" and that the Yum Center and local officials had requested the measure. He said the measure includes protections requiring approval by the city or county, the state agency and bond insurer.
Why it matters: Sponsor testimony framed the measure as a targeted tool to incentivize development in a smaller, underperforming area within an existing TIF, with the goal of increasing foot traffic, tourism dollars and surrounding economic activity that would benefit the larger TIF over time.
Committee discussion and record: Nemas said the change was requested by Louisville officials and applies only to a city of the first class, which the sponsor described as a limiting condition. Committee members asked clarifying, mostly technical questions about the bill's scope: Representative Lockett asked whether the nested TIF could include agricultural uses and joked, "Is it is it like a producer of honey?" Representative Layman acknowledged the sponsor's explanation helped her understand the bill.
Votes at a glance: After a motion and second on the committee sub, the committee clerk called the roll and the chair announced that House Bill 775, as amended by House Committee Sub 1, "passes with favorable expression."
Details not in the transcript: The committee hearing transcript records the sponsor's description of intent and the committee's questions but does not include the bill's full statutory text, the dollar amounts involved, or the identities of any bond insurers; the transcript records a fiscal-protections discussion but not a detailed financial analysis.
