LOUISVILLE, Ky. (WDRB) -- A new taxing district that hopes to bring more opportunity to west Louisville takes effect on July 1.

The state legislature voted to create the new tax-increment financing, or TIF, district last session called the West End Opportunity Partnership.  

Under the arrangement, 80% of the future growth in state and local tax revenues collected in the West Louisville district will be reinvested back into the district's neighborhoods, but it needs $30 million in seed money to get off the ground. 

Both the state and Louisville Metro Government have pledged to contribute, but Sen. Gerald Neal says about $10 million still needs to be raised. 

"I'll say this to you, we are confident that within the year, which begins July 1st, that we will have the ability to raise those funds," Neal said. 

The district covers nine neighborhoods: Algonquin, California, Chickasaw, Parkland, Park DuValle, Park Hill, Portland, Russell and Shawnee. 

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Correction: A previous version of this story misstated the percentage of tax revenue that will be captured by the TIF district.

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