Panel approves $1.3 billion tax measure to fund 30-block medical research zone

A state panel approved a $1.3 billion tax increment financing project Oct. 25, moving a 30-block health and life sciences center in downtown Louisville closer to reality.

Kentucky's State Tax Increment Financing Commission approved an application from the Louisville Medical Center Development Corp. (LMCDC) that will result in a $345 million bond issue to help pay for a center that will work to commercialize health and life sciences research. The action moves the project into the next phase, in which LMCDC will pursue a project grant agreement with the commonwealth.

Planners estimate the center will create 8,700 high-earning jobs in Louisville over the next 20 years.

"This is a big step forward in our push to make Louisville a national center for life sciences research and development," said UofL President James Ramsey. "The city and the entire commonwealth will benefit as new companies are developed and others move here to be part of the center."

The tax increment financing funds will support new labs and buildings and the hiring of additional UofL researchers - actions that will help the city become a major player in moving new medicines to the marketplace, he said.

Officials from UofL, the city and state announced Aug. 6 that they would pursue creation of the downtown research park.