In an effort to encourage the “green” redevelopment of Louisville neighborhoods, Metro Council President David Tandy announced today a proposed new ordinance to encourage property owners to renovate existing buildings with sustainable practices. After all, the greenest building is the one that already exists. The plan hopes to dually promote local economic investment and LEED Certification of buildings in Louisville.
The approach is geared toward providing new life to vacant or inefficient buildings in Louisville’s diverse neighborhoods and commercial corridors while stimulating the construction industry and creating a healthier city.
The ordinance would provide a Tax Assessment Moratorium (TAM) if a residential or commercial property over 25 years old and meets one of three criteria:
- The renovated building receives LEED Certification
- The renovation costs meet a value threshold
- The building is located in an area of low income or poverty
The proposal hopes to provide an incentive level that offsets the higher initial cost of a green renovation. It’s an expansion of the existing TAM which covers renovations of older buildings and older buildings located in specific target areas. The goal is to create a more energy efficient city with healthier homes, more productive workplaces, and an increased number of “green” jobs.
The new ordinance could help to usher in a new wave of sustainability and and spur job creation in the new economy, setting Louisville apart as a leader in green neighborhood development. It’s especially ambitious as it could make sustainable upgrades “virtually cost-free.” Tandy expects a lot of support for the measure as it helps to revive the local economy and create a more pleasant environment.