Title
A Resolution approving the granting of an inducement to Innovative Mattress Solutions, LLC, pursuant to the Ky. Business Investment Act (KRS Subchapter 154.32), whereby the Lexington-Fayette Urban County Government agrees to rebate one percent (1%) of the Occupational License Fee related to the project for a term of not longer than ten (10) years from the activation date, subject to proper documentation being provided the limitations contained in the Act, and any agreement Innovative Mattress Solutions, LLC, has with the Ky. Economic Development Finance Authority or the Urban County Government related to the project, and taking other related action. [Mayor's Office, Atkins]
Summary
Authorization to allow an inducement to Innovative Mattress Solutions as local participate in the Kentucky Business Investment Program, which includes a 10-year local 1% wage assessment through KBI. Revenue to be rebated. Tax expenditure, not actual cost. (L0183-17) (Atkins)
Budgetary Implications : NO
Advance Document Review:
Law: {No documents to review]}
Risk Management: {No}
Fully Budgeted : N/A
Account Number: N/A
This Fiscal Year Impact: $0
Annual Impact: $0
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Body
WHEREAS, the General Assembly has created the Kentucky Business Investment Program pursuant to KRS Subchapter 154.32 (the "Act") to induce certain economic development qualifying projects that would create jobs in Kentucky; and
WHEREAS, the Kentucky Economic Development Finance Authority has preliminarily approved the participation of Innovative Mattress Solutions, LLC, in the Kentucky Business Investment Program (the "Program"); and
WHEREAS, the Lexington-Fayette Urban County Government is willing to Grant an inducement to Innovative Mattress Solutions, LLC, pursuant to the Act, whereby the government would rebate one percent (1%) of the occupational license fee no later than one year after it is collected that would otherwise be due to it rela...
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