LOUISVILLE, Ky. (WDRB) -- Saying it's "open for business," the West End Opportunity Partnership announced Monday that development proposals in nine western Louisville neighborhoods can start applying for funding.
The nonprofit partnership, created by the Kentucky General Assembly in 2021, will decide how to spend revenue from a sprawling tax increment financing (TIF) district across the city's west end, along with $30 million in initial public and private contributions.
Projects that promote "growth and sustainability" of the neighborhoods will be considered based on factors that include the strength of the organizations seeking money and the feasibility of the proposals, according to a news release.
In June, the partnership board began discussing the funding criteria. Its president and CEO, Laura Douglas, told WDRB News that the board since has approved the application process.
More information can be found at westendpartners.org.
Although the partnership has relied thus far on the city, state and private funds, the TIF revenue is meant to be the main source of money to invest in 12 square miles west of 9th Street that take in Parkland, Shawnee, Park Duvalle, Russell, Portland, California, Chickasaw, Park Hill and Algonquin.
Lawmakers targeted five types of taxes in the TIF district, based on what they generated in 2022. They include property and occupational taxes, and state property, income and sales taxes.
When the annual collections exceed that "baseline" amount, 80 percent of the money would go to the partnership for a 20-year period.
Douglas said it's not yet known how much the initial amount of tax revenue will be available until the end of October. She added that there's no cap on how much organizations can ask for.
"We have to take into consideration not only whether or not the proposal is doable at the amount requested, but we also have to take into account what impact it will have on the partnership's financial viability," she said.
State law calls for the partnership to invest in areas ranging from neighborhood-led initiatives to business loans. All housing developments must have "affordable" aspects.
Douglas said the board's finance committee will be the starting point to begin considering the proposals with the help of consultants. The full board, which includes representatives from the neighborhoods, would then make the final decision.
In addition, she said, there will be an application process for smaller businesses seeking money.
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