a. Pursuant to the Act, a tax increment financing development area is hereby officially designated and created by the City of Bowling Green which shall be known as the WKU Gateway to Downtown Bowling Green Tax Increment Financing Development Area which shall encompass the geographic area as set out in Ordinance No. BG2007-33 and amended by Ordinance No. BG2007-38 and amended by Ordinance No. BG2008-54 and Ordinance No. BG2016-30.
b. Pursuant to the Act, the City of Bowling Green hereby ratifies its designation of the Authority as the agency under such Act to receive tax increments derived from the Development Area and to apply such tax increments to amortize the obligations to be issued by the Authority to implement and to develop the Project.
c. There is hereby assigned to the Authority those incremental revenues designated in previously approved ordinances derived and to be derived within the Development Area. All tax increments hereby assigned to the Authority shall be used solely and only for the purposes of the Project and in the Development Area and shall be used solely for the amortization of the bonds or other debt issued for the financing of the Project and for the administrative costs of the Authority. Once all debt is paid in full, this Subchapter shall automatically be repealed and the Development Area shall cease.
(Ord. BG2009-30, 10/20/2009; Ord. BG2016-49, 1/3/2017; Ord. BG2019-36, 8/20/2019; Ord. BG2023-28, 10/17/2023)