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A Metro Council committee approved a tax increment financing district for the an area of Shelby Street between Marshall and Jefferson streets for a proposed $115 million development project.

LOUISVILLE, Ky. (WDRB) -- A Metro Council committee has approved a tax district for a $115 million development project in the Phoenix Hill neighborhood.

The Labor and Economic Development Committee approved an ordinance sponsored by Councilman Jecorey Arthur, D-4, to create a tax increment financing district (TIF) for the project, called the Shelby Street Development Area. 

The district would include a 130-room hotel, more than 350 housing units, 70,000 square feet of commercial space and a parking garage.

The site is located on Shelby Street between Marshall and Jefferson streets.

If approved by the full Metro Council, the project would agree to hire within the neighborhood, with priority to current and former residents and a wage floor of $15 an hour.

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