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Committee advances Urban Government Center TIF to full council after split vote, adds community benefits amendment
Summary
A Metro Council committee accepted an amendment to a proposed tax-increment financing district for the Urban Government Center and voted to send the ordinance to the full council as old business after a split committee vote; the development team said demolition would begin once the TIF is approved.
A Louisville Metro Council committee on June 11 did not finalize but advanced an ordinance to create a tax-increment financing (TIF) district for the Urban Government Center site at 810 Barrett Avenue, accepting revisions to a community benefits agreement and sending the ordinance to the full council as old business.
Jeff O'Brien, executive director of economic development, told the committee the overall project would combine apartments, office, commercial space, a parking garage, villas and a hotel, with "total site development here will be $249,000,000." The proposed TIF would rebate local property taxes over 20 years and is capped at just over $20,300,000, he said, and the local participation agreement requires affordable housing and a community benefits…
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