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State panel approves TIF for Louisville Health Sciences Center |
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October 25, 2007 LOUISVILLE, KY - A state panel approved a $1.3 billion tax increment financing project Oct. 25, moving a 30-block health and life sciences center in downtown Louisville closer to reality.
Kentucky’s State Tax Increment Financing Commission approved the application from Louisville Medical Center Development Corp. (LMCDC), which will result in a $345 million bond issue to help pay for a research park that will work to commercialize health and life sciences research. Thursday’s action moves the project into the next phase, in which LMCDC will pursue a project grant agreement with the commonwealth.
Planners estimate the center will create 8,700 high-earning jobs and bring $1.2 billion in private money to Louisville over the next 20 years.
“This is a big step forward in our push to make Louisville a national center for life sciences research and development,” said University of Louisville President James Ramsey. “The city and the entire commonwealth will benefit as new companies are developed and others move here to be part of the center.
”The tax increment financing funds will support new labs and buildings and the hiring of additional UofL researchers, actions that will help the city become a major player in moving new medicines to the marketplace, he said.
“This center is important for Louisville and the entire state,” said Louisville Mayor Jerry Abramson. “The work done there will literally save lives.”
LMCDC, a non-profit organization founded more than a decade ago by UofL, the city and hospital partners, was created to explore ways of boosting the economic development potential of health care in Louisville. It is governed by a board consisting of Louisville community and business leaders.
Officials from UofL, the city and state announced Aug. 6 at a news conference in Louisville’s Haymarket area they would pursue creation of the downtown research park.
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Peritus News 