(A) The Board of Directors of the District shall have the right to transact business on behalf of the District immediately after the appointment of its members.
(B) The Board of Directors shall have full powers to name its organization and to make bylaws and rules for the regulation and management of the affairs of the District not inconsistent with the provisions of this chapter.
(C) The Board of Directors shall have all powers necessary and proper to conduct the affairs of the District not inconsistent with the provisions of this chapter, including but not limited to:
(1) Transacting business on behalf of the District;
(2) Incurring, in the aggregate, short term and long-term debt not to exceed $500,000;
(3) Holding funds in the name of the District;
(4) Receiving grants, donations and gifts in furtherance of the economic improvement objectives of the District in addition to funds from assessments;
(5) Preparing annually an Economic Improvement Plan and Budget;
(6) Implementing the Economic Improvement Plan;
(7) Making policy for the operation of the District; and
(8) Managing the fiscal affairs of the District.
(D) The Board of Directors may contract with any person or corporation determined to have the needed expertise to manage and administer the day-to-day operations of the affairs of the District.
(E) The Board of Directors may undertake the following economic improvements within the District:
(1) The marketing and promotion of Louisville Metro as a preferred destination with an emphasis on increasing overnight visitation at the benefited properties in the District; and
(2) Any other economic improvement activity that specially benefits property; and
(3) Shall consider investments in tourism infrastructure.
(F) The District may operate on a calendar or fiscal year basis. No later than two months prior to the beginning of each year, the Board of Directors shall prepare and submit to the Council for its approval an annual budget for the District. The Board of Directors shall also deliver a copy of the annual economic improvement plan to the Council. The economic improvement plan shall describe the current and projected economic improvements to be undertaken in the year. The annual budget shall be presented in such form as shall be required by the Metro Government's Office of Management and Budget or that Office's successor. The Board of Directors may not take any action or expend any money pursuant to the proposed budget until such time as it is approved by the Council. If the Council has not approved the proposed budget as of the first day of the new year, the budget of the previous year shall have full force and effect as if readopted until such time as a budget is approved.
(G) Prior to adopting the budget, the Council shall hold a public hearing for the purpose of soliciting comments upon the proposed budget. Upon approval of the annual budget by the Council, then the Board of Directors shall publish both it and the economic improvement plan pursuant to KRS Chapter 424 and shall mail by first class mail to each owner of benefited property a description of the economic improvement plan, the fair basis of assessment to be utilized, the estimated cost to the property owner, and the ratio that the cost to each property owner bears to the total cost of the economic improvements.
(H) The Board shall have an affirmative action plan consistent with the LMCO 37.65 through 37.71 for the hiring of the consultants or employees. The Board shall not discriminate on the basis of race, sex, sexual orientation and gender identity, marital status, religion, age 40 and over, color, national origin, because the person is a qualified individual with a disability, or because the individual is a smoker or nonsmoker, in any of its operations and shall include such prohibition in all of its contracts.
(I) Members of the Board of Directors shall adhere to the ethics rules. Violation of any provision thereof shall be cause for removal by the Mayor pursuant to § 168.01.
(Lou. Metro Ord. No. 198-2022, approved 12-28-2022)