Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute a Jobs Fund Agreement in the amount of $100,000 and a Memorandum of Agreement in the amount of $450,000 with Ashland, LLC, for expansion of facilities in Lexington-Fayette County, the creation of at least four (4) new full-time jobs with a mean hourly wage of at least $48.08, exclusive of benefits and other compensation, and the retention of at least five hundred seventy six (576) full-time jobs in Lexington-Fayette County, and further approving the request of Ashland, LLC, to assign said Agreements to Valvoline, LLC, at a cost not to exceed $550,000. [Mayor's Office, Atkins]
Summary
Authorization to execute Agreements with Ashland LLC for a Jobs Fund Agreement in the amount of $100,000 and a MOA to utilize state economic development funds in the amount of $450,000, both for an expansion of their current campus, and assigning those Agreements to Valvoline LLC. Ashland was approved for a Jobs Fund incentive by the Economic Development Investment Board. The state has authorized the use of $450,000 of economic development funding for Ashland's expansion. Ashland has requested to assign these Agreements and their requirements to Valvoline. The total cost will be $550,000. Funds are Budgeted. (0637-17) (Atkins)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Yes/No, Completed by [Attorney Edwards, Date]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: BA in process
Account Number: 1144-136101-0001-78103 ($100,000)
3400-133004-0001-71299 ED_ASHLAND_2017 ($450,000)
This Fiscal Year Impact: $550,000
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: BA in process
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized to execute a Job...
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