LOUISVILLE, Ky. (WDRB) -- A long-planned project for Louisville's Highlands neighborhood cleared a big hurdle Thursday night, and it could impact everyone in the city.
Metro Council approved a $114 million subsidy deal to help build the nearly $600 million One Park development at the corner of Lexington Road and Grinstead Drive near Cherokee Park.
The project calls for a hotel, offices, apartments, stores, and restaurants in buildings up to 18 stories tall, something city officials call "transformational" that would happen without public support.
That's why Louisville Mayor Craig Greenberg and Metro Council President Markus Winkler were both in favor of using tax dollars to help build it.
Under the terms of the deal, developer Ken Cogan's group will get $114 million back from Louisville taxpayers over 30 years.
Opponents argue that there isn't enough affordable housing and question if this type of area should qualify for this amount of public support. But after debate, a majority of councilmembers voted to pass the deal, approving a so-called tax-increment financing — or "TIF."
This story may be updated.
Related Stories:
- Analysis | One Park subsidy deal is built on foundation of assumptions
- Cogan: 'Not a profit' in One Park without public assistance
- One Park deal includes less affordable housing than developer pledged
- Louisville to consider $114 million subsidy for One Park project
- Developer eyes $244 million public subsidy for One Park project
- Developer plans 2 towers, grocery store as part of One Park North along Lexington Road
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