LOUISVILLE, Ky. — A massive new development project near Cherokee Park is now looking to get funding from Louisville Metro Government.
The $554 million, 7-acre One Park Plaza project at Lexington Road and Grinstead Drive was approved for construction back in 2019; councilmembers created a special taxing district to get the project built.
The future plan will include an 18-story tower, with a 10-story tower where Jim Porters Tavern used to stand -- along with restaurants, housing, office space, and a grocery store.
Monday night, a packed room of residents showed up to a public hearing about the special taxing district, called a TIF, which would pump tax money back to the developers to help fund the project.
If built according to the current plan, the Louisville-based developer Jefferson Development Group would be able to use over $100 million dollars in taxpayer money over the next few decades.
"We believe the developer should pay for his own project and get his own investors," community member Diane Cooke said.
Former Metro Councilmember Bill Hollander shares that opposition.
"I supported the rezoning for the project when I was on Metro Council, but I think the developer should pay for it and not the taxpayers," Hollander said.
Almost 25 people took the podium Monday to voice their opinions. All but three were against.
"The people living around there don't want it, so please don't use our tax money to pay for something we don't want around," said a resident.
"The One Park Project will affirm our city's commitment to the future of urban development and help us remain competitive to attract and maintain economic investment, talent, and visitors," said Clark Welch with Greater Louisville Inc.
People also addressed the developers previous 2019 commitment to make 10% of the housing affordable units, with a requirement of 7%.
The developer could also cut that percentage in half, if $1 million is paid to Louisville's Affordable Housing Trust Fund.
"Starting at 7% before the buyout is unacceptable; the 10% requirement should be followed at a minimum to receive approval for Metro Council for the benefits of the local TIF," community member Nick Lutz said.
Another common threat among concerned residents was the lack of transparency on the project's development, saying the neighbors have often been ignored.
"We need to be kept in the loop, we need to consider the people in the neighborhood – not only from the government in the Metro Council government, [but] all the way down to little ole me living on Payne Street," community member Chad O'Brien said
As far as next steps go, the Labor and Economic Development Committee is scheduled to meet Tuesday. If the committee makes a recommendation at Tuesday's meeting, the ordinance will need Metro Council approval before going into effect. The council meets next Thursday.
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