Labor and Economic Development Committee - Regular Meeting

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Metro TV will be ready to go in 74 seconds. good afternoon this is the regular scheduled meeting of the labor and economic development committee for tuesday june 16th it is now 302 apple time i am the chair councilman benrito weber this meeting is being held pursuant to krs 61.826 and council rule 5a i am joined today by my vice chair councilwoman bast by councilman herndon councilwoman raymond councilman leninger councilman bat shan do we have anyone oh and councilwoman Donna Purvis and Councilwoman Dr. Paula McCraney. Wow, we have more than a quorum, which is exciting for all the things that we have to do today. Will the clerk read the title of the first item before us?

Item one, in ordinance A, amending the Louisville Arena Zone to remove the new development area B, establishing a new development area pursuant to provisions of KRS 65.490 through 65.499 to be known as the Baseball New Development Area approving entering into two grant contracts authorizing the payment of the released amount pursuant to the terms and conditions of the grant contracts requiring the submission of regular reports to Louisville-Jefferson County Metro Government and authorizing the execution and delivery of any other documents and taking of any other actions necessary to accomplish the purposes authorized by the ordinance right in full.

Thank you. Do I have a motion and a second? Do I have a second?

Second.

Motion and seconded. Councilman Herndon, this is your district. Do you wanna speak to this?

Yes, Jeff O'Brien will be, thank you, Mr. Chairman, by the way, will be speaking to it, and I'm happy to comment after he's finished with his presentation. Excellent. Mr. O'Brien.

Thank you, Jeff O'Brien, Executive Director for Economic Development. Just running through, so I'm gonna do this one a little bit different than we normally do our development deals because this is actually occurring on Louisville Metro property. So this will be a little bit different today. This is the development of the parking lots immediately east of Slugger Field. So this is a view of the site. You'll see the baseball stadium and the proposed development is there just to the right of the baseball stadium. This is a mixed-use development project that will include residents, parking garages, a commercial, and a hotel. next to the baseball stadium. All in, the investment is expected to be $275 million. This project is a little bit unique. This is a carve-out from the Louisville Tiff Arena, sorry, Louisville Arena Tiff, and this will be the first carve-out that's been instituted since the statute was amended in the 25 session. So the development area here again, and this is the site in red, and there's a view of the site, the current conditions on the parking lot. The area in red is the development area and the area that is being carved out of the arena district. Currently, this site is generating very little in revenue for Louisville Metro or the arena district. There's a little bit of occupational license fee that's being generated here and a little bit of sales tax revenue that's being generated for the state. The arena TIF, as you'll recall, was created by the state legislature to facilitate the construction of the Kentucky, the Yum Center, the KFC Yum Arena downtown. So that's what it looks like before and after. So just a reminder, this is a carve out of a TIF that was used to create another transformational project in downtown Louisville. The statistics on this development, so as I mentioned, there are 242 residential units, there is 150 one-room hotel, there's 50,000 square feet of office, and there's just about 15,000 square feet of retail and commercial uses There is a large public parking garage that will be built on this site by the parking authority. That garage will have just under 600 spaces, and then there will be a garage serving the multifamily development on the north side of the site. A couple of challenges in development of the site. For those of you that will recall the development of the baseball stadium, there were a number of industrial uses on the site. So there was cleanup and remediation that was done as part of that development process. When we remediated the site, this is a fact that I like to tell everybody, we discovered the original channel for Bear Grass Creek. It's running through Centerfield, so that was a unique challenge that was posed to the city at that time. So a lot of the materials were remediated on site, and the site was capped. So when we go to redevelop the site, of course we're gonna need to break that cap, which is gonna require further remediation, which raises development costs of the site. Further, as you're walking along Main Street, you may notice a very small part of the flood wall. It's very low to the ground. It might be considered something you'd be mindful of tripping over when you're walking down Main Street, but this is also in the Ohio River flood plain, so there are flooding issues that we are having to mitigate as part of this. The residential parking garage does a couple of things for us. Number one, it elevates the residential units out of the floodplain. And by the way, we had a very large flooding event last spring that it did not get into the parking lot. So just so you know, so that's a pretty large flooding event. It still didn't reach into the parking lot. We also, the garage on the residential property also breaks the continuity between the contaminated soil and residences that'll be living above. So there's a higher standard for cleaning up residential property than there is for a commercial or industrial property. And that garage helps become a physical barrier and keeps residents safe from any residual contamination that exists on the site or is capped on the site. There is a significant amount of equity that is being provided by the developer, which is Machete Group. They are representatives of Machete Group and Diamond Baseball Holdings, the owner of the Louisville Bats, in the room with me today. We're also using some state funds to help further remediate the site. There is a decontamination tax credit, which provides funding for remediation on the site. Again, this is a little bit more about why the site is being developed. Again, what we're talking about here is kind of the first piece. There's two other pieces of legislation which we can talk about as we get further on the agenda. We have to carve this out of the arena TIF. The development area allows us to do a couple things. It allows us to assist the developer with their local occupational license fees, so they have a cap of $30 million on any rebates on their local occupational license fee. And again, that is a cap, not a guarantee, so they have to perform in order to hit that cap. The other piece that is being provided is an industrial revenue bond. Again, another piece of legislation. I'm happy to come back and talk about that, but that helps with the property taxes. There will be a full pilot payment that is made to Jefferson County Public School System. And again, this site is not earning any property taxes for Louisville Metro or for the JCPS or the state. at the current moment. I'm gonna skip this and come back to this if we talk about the IRB. Here's currently what's being generated by the site for Louisville Metro, so just over $1,300 in revenue going to the Revenue Commission for the local occupational license fee And at development stabilization, we would expect to see nearly $60,000 in revenues coming to on local occupational license fees. These are the off-site, so we don't typically focus on this, but one of the big things, one of the big challenges when we get in front of the arena authority is talking about the off-site impacts, because again, this isn't generating a lot of impact on Metro, but a lot of the questions are how does this impact the bonds and the arena authority, because Metro is a party on that. So you can see this is the expected off-site generation that will come as a result of the development, so this is what we consider to be induced impact. Again, not terribly important when we think about local TIFs, but when we talk about the arena TIF, we want to talk about some of the impacts that this development could have. We see this as being beneficial to the arena TIF and adding benefits to the arena authority as time goes on. Our total employment, again, this is important for us and for the arena authority, is that we expect that our total direct employment, and these are permanent jobs, not construction jobs, the site will be generating 326 jobs on the site. Again, there are very few jobs that are directly related to the parking lot, there are plenty of jobs related to the baseball stadium and the baseball team on the site, but this is the parking lot specifically. And again, we expect that this would generate some temporary construction jobs in the neighborhood of 560. Again, we see this as a catalytic development for downtown Louisville and taking a parking lot and a piece of land that was just used again, parking for the baseball stadium, something that could be an impact for downtown Louisville and the entire community. And with that, I'm happy to answer any questions that you all have at this time.

Thank you, Mr. Director. I let the record reflect that we have been joined by the current holder of the fourth best-dressed councilperson, Councilman Jeff Hudson. Councilman Bat-Chon.

If you don't mind, Mr. Chair, I would probably just turn to Councilman Herndon first, and then I'll be glad to take second. This is in his district, and I appreciate his input. Thank you, sir.

I was trying to punch in. It wouldn't land, so thank you. Yeah, I have the pleasure of representing downtown Louisville, and by downtown, I define as Hancock to 9th, York to the River, the classic central business district, and this... project fits exactly in that footprint. It's the kind of project that we long for and want more of. It's a multi-use, dense infill, and as we get more of these, it will continue our momentum inward to give us the kind of density that any city would want their downtown to have, and I strongly support it and would hope that you would as well. Thank you.

Mr. Chair, thank you. Councilman Herndon, that was great. I will say this, as I said in the last meeting we just had, that I feel like we have been 20 years behind in this city, and we should be the fastest growing in the nation, and we haven't been. I think developments and movements like this move us forward. This baseball development arena, it's a game-changer environment. engine for driving jobs, tourism, neighborhood revitalization, and moves Louisville forward. If you don't support this, I think you're crazy. So I think we're moving in the right direction by allowing and moving developments like this to happen in our city to help our city grow, thrive, and succeed.

Councilwoman, Dr. Paula McCraney. Oh, you're in my queue, but will Councilwoman Purvis?

Thank you, Mr. Chair. I have a few questions in regards to the housing. I wanted to know if they could talk about the housing piece to this. I wanted to know is any of the housing is going to be reserved for affordable housing? And I can't even read my own writing. That's the first question that I have. Can you all talk about this multifamily housing that has been proposed? in that area.

Thank you, Councilwoman. And I feel your pain on the can't read my own handwriting comment. We will have 10% of the housing units will be required to remain affordable for people making up to 80% AMI. And just because I know this question is coming next, that means that rents, depending on unit size, range between $1,300 and $1,500 per month. Okay.

But I keep hearing this figure over and over again. I don't know about these salaries, but $1,300 to $1,500 a month, in my opinion, is not an affordable amount to live on, especially for something that you're renting and you're not owning. And so what is this? Is this your 80% AMI or something?

Yes, ma'am.

Okay. Okay. So how do how do we get that to be lower so that this reserved housing can be more affordable because I don't know any anybody that can write out you know afford to pay thirteen hundred to fifteen hundred dollars a month to live in an apartment.

Well, I think that would be a council's pleasure. I mean, what we've been talking about is typically we look at these deals looking at what is considered to be workforce housing, which is that 80% area median income range. But if the council wanted to lower that number, we could certainly discuss that with the developer and see if we could go lower on that.

I mean, if that's possible, I would love to. And I appreciate the fact that they did reserve some units for affordable housing, but this, in my opinion, is not really affordable.

Councilwoman Purvis, the clerks are advising that you need to be on screen.

I am. Oh. Oh, I'm so sorry. I didn't do that intentionally. Okay. All right. As I was saying, I would like to see that be a little more reflective of it actually being affordable. So if we could re-look at that, I would appreciate it. Again, I'm happy to see that, you know, they are considering somewhat of affordable housing by reserving 10 percent for affordable housing. So thank you for that. Also, I'm so sorry. And I cannot read my writing. Okay. So simple question. How much will the city be on the hook for, for this development? Again, you may have shared those numbers with me.

So there's two things here and I'll address them both. So the legislation in front of us right now is on the development area and the carve out of the arena. So we have a cap of $30 million on the local occupational license fee and we have a cap on the property tax at $91 million and that's part of the industrial revenue bond here. Again, these are the caps that we have for this and then additionally the city is constructing or the parking authority is constructing a public parking garage on the site.

Okay. This public parking garage will be a source of revenue, correct?

For Louisville Metro, that's correct. There's also some revenue generator, there's some other revenue that's being shared as part of the parking garage related to signage. So there is revenue sharing on the signage in the parking garage as well. And this again, this garage, hear me say this, this is not a garage in Newloo, but it is a garage that is adjacent to Newloo, so the parking authority believes that we can help resolve some of the parking issues that we do have in the Newloo area and the Butchertown area with this garage.

Okay, and you mentioned 326 permanent jobs. Do you have what the average salary would be for those jobs?

We'll have to get back to you on that one, councilwoman. We do not have a projected salary right now.

Okay. Thank you.

Are you back in the queue? Okay. I think, Councilman McCraney, are you actually in the queue this time? No, it's just, okay, don't worry about it. Councilman Herndon.

Yeah, thank you, sir. Quick question regarding the rental rates. How do these rental rates compare to recently approved projects?

This is the same rental rate that we had. We just had the Newloo Crossing project two weeks ago. This is the same rental rate where we're at the 80% AMI. This is what we fund with our, those are the rental rates that we use for a portion of our trust fund funding as well as our Louisville CARES program.

Yeah, and I would just note that this is, 80% AMI is intended to be affordable with the definition of less than a third for a JCPS bus driver or JCPS teacher. So that is 80% AMI. If you are a JCPS bus driver, you can afford this apartment.

Second part of my question, thank you.

AMI is really annoying. Jobs are a solid way to describe that. Councilman Leninger, you're in the queue.

Thank you, Mr. Chair. Hey, guys. So first of all, we're looking at 242 multifamily units. So 10% of those units are going to be set aside for the 80% AMI. So we're talking about 24 affordable housing units in the total project. Is that correct? Well, we're verifying that.

It might be slightly more than that here, Councilman. We'll get you an answer. We'll have it here before I finish.

When we look at the parking, we've got 663 total parking units, but only 88 of those are gonna be set aside for the permanent housing, is that correct?

Yeah, there are 88 spaces in the residential garage. There would be residential permits that could be issued for the park garage as well. Park will manage both of the garages on site, and that is just, it will own the big public garage, but we will manage both of the garages, and that is just so we don't have competing rates on the same site. But there will be residential permits that can be offered in the larger garage as well.

Okay. And when we're looking at here in the charts, when we're talking about the cumulative impacts about jobs and revenue running out to 40 years, The TIF is 30 years. The IRB is going to be what length of time?

40 years on the industrial revenue bond.

Okay. Will we discover at the end of 40 years that that's another 40 years as we have with other IRBs?

No, so this is, again, this development will be well-stabilized at 40 years. I don't know what's going to happen in 40 years. I probably will not be sitting here 40 years doing some quick math in my head and my age. But this, again, is a more traditional style development. I assume you're referring to Churchill Downs. I think this is... Again, something that we expect to be built, stabilized, and create its own success over time.

I don't think I was being particularly subtle about the triple downs comment. When we look at these cumulative impacts, what is the annual impact in terms of the revenue total that will be foregoing to the development?

So our cap again is, our cap here is at 30 for the, for the, occupational license fee is $30 million, so approximately a million dollars a year. Again, that's an 80-20 split, so the maximum that we would be giving up would be a million dollars, but we would be generating 200,000 or so on that, which again is significantly more than what we're generating today on the site.

And what about for the real property?

For the real property tax, again, at 40 years and $91 million, so approximately $2.2, $2.3 million a year, that is 100% abatement on that. And again, the reasoning for that is that it is in metro ownership today, so it's not generating... to the downtown management district, so the special assessment would still go there and then this would be a full pilot payment to JCPS. So the question there is 2.2-ish million dollars a year. And again, to answer your first question, we have it in our, because there's still some question, are we going to get to, is 242 gonna be the number of units, or is it gonna be 300? We're still in some final design there. We were saying that that 10%, it's 10% of the total unit count, we're hearing that. We're assuming that to be somewhere between the 24 here and 30 units, so we don't think it's gonna be any more than 300 total units.

All right, I'll get back in the queue if I think I need to continue here.

Thank you. Regarding the parking garage, again, as I said with the Newloo Crossings project, I thought the star of that show by far was the public parking that is so desperately needed in even a successful Newloo area that you need to have that to perpetuate its success and take the pressure off of the street parking in the Butchertown neighborhood.

I think this will do the same thing.

and then walk a short block to the western edge of Newloo and be able to, again, to have some synergy there and to push and pull that activity toward the center of the city and downtown. So I like the fact that there's a substantial amount of publicly available parking there as well.

There's no one else in the queue, but I'd come to an interview if anything else. Okay, thank you. All right.

Chair, if I may, I do believe we have an amendment that is necessary for this document.

Thank you. I believe it may be in the system. Basically, after we did the ordinance, the title commitment, there were some minor changes to the legal description, and so those are the changes. It basically just changes, I think, one of the streets referenced as Franklin is Jackson, and then in the exhibit, there's a reference to a street closure that was added, and that's it.

In your judgment, would that constitute technical changes, or do we need to vote?

I think the first one is arguable, but the alley closure probably warrants an amendment.

Okay. So it is currently in the system, or do we need to read it in? It's in the system. Okay, great. Can we get a motion and a second on the amendment? Motion.

Second.

All right, so moved and seconded. Does anyone like to speak on the amendment? Okay, seeing none, this requires a voice vote. Okay, this is a voice vote. All those in favor, please signify by saying aye.

Aye.

Those opposed? Great, we'll consider this passed. And then we'll go ahead and move on to... Yeah, main motion, yeah. And now we will move on to a vote on the main motion. This is an ordinance requiring a roll call vote.

Voting is open. Councilwoman Purvis?

I think you have to say it out loud.

Yes.

With a smile, even.

Councilwoman McCraney? Yes. Thank you. Chair Reno-Weber, you have seven yes votes and one no vote.

Excellent. This item will be sent to Old Business. Will the clerk read the title of the next item on our agenda?

Item 2, a resolution pursuant to the capital and operating budget ordinances approving the appropriation to fund the following amendment to the sole source contract for the Office of Management and Budget for Consulting Services to assist analyzing and reporting costs, public consulting group LLC, $190,000 for a new not-to-exceed amount of $550,000, read in full. Motion.

So moved and seconded. Brenda, if you would.

Hello. Hi, Angie Dunn with the CFO with the Office of Management and Budget. So this is an amendment to an existing contract that will increase the not to exceed amount on the contract by about $190,000, bringing it up to 550. We entered into this contract last year with the public consulting group for consultation services with the ambulatory supplemental payment program, This was a new program at the state that allows for additional reimbursement to public ambulance services. When we entered into this last year, we were not sure exactly what the fee would be because the fee is based on what our potential reimbursement would be through this program. In February of this year, just February of 2026, the state did finally approve that program. So even though we had entered this contract sort of at the end of last year, so we didn't move forward with it until the state approved the program. Once the state approved the program, public consulting group finalized our evaluation, our analysis, it was determined that our reimbursement would be much higher than what we had originally thought it would be, which is good news. So it's around $6 million is what they estimate we would receive. We'll start receiving those in quarterly payments in August of this year, and likewise, we'll pay the consulting group for those services at the same time, and the 550,000 annual would get us up to those quarterly payments that we'd be expected to make.

Thank you. I just want to note that this is where I find myself extremely torn. We are billing Medicaid. We are getting more from that than we expected to get. And it is a sole source contract, which I hate to the bottom of my soul. But I really want to give Mr. Moore a shout out for being so proactive in engaging with all of my concerns and providing document after document after document to get to where I felt comfortable bringing this here. So thank you so much. And I'll open the floor to my colleagues. Councilwoman Purvis.

I'm just curious. It looks like this consulting group has done the job. I am just curious as to why amend it and not at least shop the market to save money on the consulting fees services.

So there is a couple of things with this one. Some of it was timing, because the state just approved it in February. So in order for us to move forward, there really wasn't much time to put this out for bid to gain the benefit of that $6 million. that the consulting group had identified for us. We do intend to put this out for bid in the fall. We had said that last year, but because the state didn't approve it until February, there was no reason to put it out for bid in the fall until we knew the program was moving forward. So we do still intend to put it out for bid. We've done some research, we've not found another group out there yet, but that doesn't mean they're there, so we are gonna put it out for bid to see what we get. But in the meantime, we wanted to be able to take advantage of this program. And the public consulting group, they have done a really good job. They are also, just as a note, the Kentucky Ambulance Providers Association has announced that PCG is a preferred They have a preferred provider agreement in place with PCG, so that is a Kentucky ambulance organization. Not that that is anything that requires us to utilize them, but it does sort of speak to the work that they are doing across the state with a lot of the public ambulance services here in the state of Kentucky.

councilman purpose i raised exactly those same concerns so thank you for raising them again here for the record and i'm satisfied with the response for this year and have extracted a pinky promise that regardless of who it is we will in fact rfp it and they might win handily because they're so amazing correct but next year we'll rfp it yes so thank you anyone else in the queue Okay, we will move to a vote. This is an item requiring a voice vote. All those in favor, please signify by saying aye.

Aye.

Any opposed? This will move on to the consent calendar.

Thank you.

Thank you. Madam Clerk, will you read the title of item three, please?

Item three, a resolution ratifying and approving a collective bargaining agreement from the date of its approval through June 30th, 2030 between Louisville-Jefferson County Metro Government and the American Federation of State, County, and Municipal Employees, AFL-CIO, Local 3425 AFSCME, relating to wages, hours, and other terms and conditions of employment of its employees in the Louisville Free Public Library Department, read in full.

Thank you. Do I have a motion and a second? Second. So moved and seconded.

Thank you. Aaron Jackson with O and B. This agreement before you covers approximately 281 positions that will be library pages, library clerks, library assistants, librarians, et cetera. It is a five year contract covering fiscal year 26 through fiscal year 30. It includes steps, colas, and longevity. FY 26 calls for average wages of approximately 18% and those are retro to July 1st of 2025. FY27 through FY30 calls for a 2% wage increase each year. And this contract before you also includes shift differential increase from 25 cents to 50 cents. Total cost of the contract is approximately 53.3 million without fringes and 66.8 million with fringes. And it voted 80 were in favor and 17 were opposed. And with that, I'll answer any questions you may have. Councilman Leninger.

What is the delta from the previous contract in the total expense?

I don't have that information in front of me. I would have to go back and provide that information, but I don't have that in front of me.

Okay. And you said this was 83-17 in the unit vote?

80 to seven, eight zero to 17.

Thank you. Was this the first vote on this contract?

It was not. My understanding is it did fail and went back for a vote.

What were the changes between the first vote and the second?

So I don't know, I don't have that information, but I do have the chief labor negotiator or the executive director of the library who could probably speak to that.

You can do rock, paper, scissors.

The primary changes between my first and second iterations of the CBA, to my understanding, are that we had, in the beginning, we had to raise the starting salary.

Madam Director, can you introduce yourself for the record? I'm so sorry.

I'm Heather Lowe, Executive Director of Louisville Free Public Library. We had a couple of 0% COLA years in the beginning in order to raise the starting salary from the start of the contract. And so it created a little bit of, because we were extending the, We went from four steps to 12 steps across 18 years. And so people who were at that point where they were at the end of the original steps, there was a little bit of what we were calling a donut hole. And so we made some changes. We eliminated those 0% COLA years and added a little bit to those particular years of the steps.

All right, thank you. I am really thrilled to see increased payments going to workers at the library. These AFSCME employees of Louisville Metro are some of our most valuable employees, but truly every worker deserves a union and every worker deserves a union that's ready to sit down at the negotiating table and fight for their workers. And so I'm happy to see that there was an agreement reached. I'll be even happier with a contract at the next round that rewards these workers even more.

Thank you.

Not seeing anyone else in the queue. Okay, this is an item requiring a voice vote. All those in favor, please signify by saying aye.

Aye.

Any opposed? Excellent. Seeing none, this will move on to the consent calendar.

Thank you.

Madam Chair, will you please read the extensive title of the next item on our agenda?

Item four, an inducement resolution of the Louisville-Jefferson County Metro Government, the issuer authorizing the execution of a memorandum of agreement between the issuer and MGI Louisville LLC, its affiliates and assigns collectively the company relating to the acquisition, construction, equipping and installation of facilities at 501 through 504 and 503 Franklin Street, unaddressed East Witherspoon Street, parcel ID number 18D-0025-0000, unaddressed Franklin Street, parcel ID number 18E-0020-0000. unaddressed Franklin Street parcel ID number 18E-0060-0000, unaddressed Jackson Street parcel ID number 18E-0016-0000, unaddressed Jackson Street parcel ID number 18E-0063-0000, 501 East Main Street, 300 through 304 Jackson Street, and 100 North Hancock Street, Louisville, Kentucky, including the acquisition, construction, equipping, and installation of, one, between 225 and 300 multifamily dwelling units, two, a parking structure to support the residential units containing approximately 89 parking spaces, three, a hotel containing between 134 and 180 rooms, four, between 38,800 and 50,000 square feet of office space, five, between 18,000 and 22,000 square feet of retail space, six, a garage to be owned and operated by a park containing no fewer than 575 parking spaces, and seven, other public infrastructure improvements the project agreeing to undertake the issuance of one or more series of industrial building revenue bonds at the appropriate time to finance the cost of acquiring constructing equipping and installing sub facilities and taking other preliminary action right in full that was impressive uh do i have a motion in a second uh councilman herndon this is uh in your district

Thank you, Mr. Chairman.

Mr. O'Brien will explain.

Jeff O'Brien, Executive Director, Economic Development. Again, this is a continuation of the project for the baseball parking lot next to the baseball stadium, sorry. And this is an industrial revenue bond. And this, again, to state this right off the top, this is conduit debt. So this is not direct debt on Louisville Metro government or the taxpayers to Louisville Metro government. So this gives the... using the industrial revenue bond allows for Louisville Metro to abate the property taxes and in this case for 40 years, the cap on that property tax abatement is 91 million. If the developer gets to that $91 million level, they will be on the hook for the full property tax bill. There's a payment in lieu of taxes or pilot payment. That payment will go to the Jefferson County public school systems, and that will be at the full JCPS rate that is in place at the time the tax bill comes due. Happy to answer any questions that you all may have.

Does not, Councilman Leninger.

Sorry about that. So looking at this and the next motion in the agenda, we will, what will we own and what won't we own?

Yeah, okay, so we will, this is a great question. Thank you for asking that one. So this is how this is going to work. So we will continue to own the baseball stadium. So the baseball stadium is not subject to any of this. So we will continue to own the baseball stadium and have that arrangement with the Louisville Bats. We will own the public parking garage, so the large 575 space parking garage. We will own that through the parking authority River City and then we will no longer own the remaining portions of that parking lot which are which will be come the new development and so the surplus resolution will covers all of it so we're able to we'll have to subdivide parcels and go through that process as we finalize the development plans but we will the only piece of the parking lot that we will continue to own after the development is

would be conveyed to the developer, and then if they go the IRB route, the bulk of the parking lot will come back to Metro to own for the life of the bonds, and once the bonds are paid off, it will go back to the developer.