a. For several years, the City has been involved in redevelopment efforts in the downtown, historic portion of the City, including the area around Western Kentucky University. Such redevelopment efforts would provide and carry out the following public purposes: (i) the enhancement of economic development and economic growth within the downtown area of the City, including the area around Western Kentucky University, (ii) the inducement of business and residential growth within the downtown area of the City, including the area around Western Kentucky University and (iii) the enhancement of the tax base of the City and the creation of employment opportunities for the citizens of the City.
b. The City by virtue of the provisions of KRS 65.7041 to 65.7083 (the “Act”) is authorized to, among other things: 1) establish a development area to encourage reinvestment in and development and reuse of areas of the City, 2) enter into agreements in connection with the establishment and development of the development area, 3) establish a special fund for deposit of incremental revenues resulting from the development of the development area, and 4) designate an agency to oversee, administer and implement projects within the development area. The Act further authorizes the City of Bowling Green and Warren County to create development areas and to enter into contracts and grant agreements as set out in the Kentucky Increment Financing Act for the release of incremental revenues created in such development areas to nonprofit corporations established pursuant to KRS Chapter 58. In order to finance the Project, Warren County has heretofore caused to be created the Warren County Downtown Economic Development Authority, Inc. (“Authority”), a nonprofit, non- stock corporation which is a corporation created pursuant to KRS Chapter 58 as its agency, instrumentality and constituted authority for the purpose of issuing Increment Bonds to finance portions of the Project (as further defined hereinbelow) and performing other functions to implement the Project. The City has previously designated the Authority as the agency with the duties and responsibilities for the oversight, administration and the implementation of the Development Area Ordinance (as further defined hereinbelow) on behalf of the City.
(Ord. BG2009-30, 10/20/2009; Ord. BG2016-49, 1/3/2017; Ord. BG2019-36, 8/20/2019; Ord. BG2023-28, 10/17/2023)