Kentucky’s economic development cabinet has granted final approval for a special taxing district near the University of Louisville’s Belknap campus.
The over 900-acre tax increment financing district is the largest ever approved by the state. The TIF program will allow U of L to keep a portion of state and local taxes generated within the district.
U of L President James Ramsey says the district will help finance an engineering and applied sciences research park, much like the healthcare facilities developed in the downtown TIF district.
Ramsey says the university must spend $200 million in the district to activate the TIF program, and says its about a quarter of the way there.
“We’ll work as hard as we can. I don’t know when we’ll get tot the $200 million but hopefully maybe we’ll be there by the start of 2014.”
Once the university decides to active the TIF, Ramsey estimates the district could have an economic impact of more than $1 billion over a 30-year period.
The research park is expected to be built between 15 to 20 years.