The Louisville Metro Council is considering approving up to $1.2 billion worth of industrial revenue bonds to help Churchill Downs Inc . finance multiple phases of new developments to its iconic Louisville racetrack.

Under the agreement, Louisville Metro Government would maintain ownership of the property and lease it back to Churchill Downs — an arrangement that has been in place since 2002. The agreement — approved by the budget committee Dec. 2 and set to go before the full council Dec. 4 — allows Churchill Downs to utilize Louisville Metro's borrowing power and receive property tax breaks, though the company will continue making payments in lieu of taxes (PILOTs) to Jefferson County Public Schools.

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