The city owns the Water Company and regularly receives dividends from the company’s profits. The loan will collect 2% interest, and the Water Company will retain a portion of the dividend for the next eight years as repayment.
The money will be used to pay a $14 million settlement with a group of underpaid firefighters.
Recently, Louisville Mayor Greg Fischer announced his plans to work with the Brookings Institution and the Lexington Government on a new financial plan for the city. A spokesperson for Fischer says there are no plans to involve the KLC in the project.
In Louisville, organizer Stephen Reily says changing the way people eat means putting locally-produced food on the table in homes, restaurants and school cafeterias. He says that will require better logistics and infrastructure—the city needs a distribution system for local food as well as local slaughterhouses and centers to clean and process food.
Last year, the council issued $35 million in bonds to finance a similar settlement. Since the firefighters were underpaid by the old city before merger, many suburban residents didn’t think their tax dollars should go to the settlement. But the city owns the Water Company, and Metro Councilman Kevin Kramer the new settlement will not likely be very controversial.
Earlier this week, Blue agreed to drop a lawsuit against the city in exchange for permission to destroy the buildings and help preserving or rebuilding the facades. Preservationists have criticized Fischer for not being transparent in his decision to make the deal, but Fischer dismisses those claims.
Speaking to reporters Wednesday, Fischer says former interim director Wayne Zelinsky resigned after he was approached about an adult entertainment business he was allegedly operating.
When he created the so-called Merger 2.0 panel, Mayor Greg Fischer said he would ask Metro Council President Jim King to appoint four council members: two from the old city and two from the old county. Further, Fischer asked for at least one Republican to be appointed.
Two groups of Louisville preservationists say they are not happy with Mayor Greg Fischer and developer Todd Blue’s settlement over the Iron Quarter project.
Blue has agreed to drop a lawsuit against the city in exchange for permission to raze a strip of buildings at First and Main streets. The city will also help him preserve or recreate the buildings’ facades for a new development.
The Challenger Learning Center is intended to make science and math education more interesting by showing how the subjects are used in space exploration. Challenger astronaut Norman Thagard directed a learning center in Florida. He says the goal is not to inspire students to be astronauts, but to make them interested in science.
The first ten minutes of the meeting were open to the press. Over soft drinks and snacks, Fischer introduced himself and his staff to the lawmakers. He then outlined his plans to build a better relationship between Louisville and Frankfort. Among the chief issues that the city and state need to work together on, he said, are the bridges project, reusing abandoned properties and education.