Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government and pursuant to the Jobs Fund Program, to negotiate and execute a ten (10) year Forgivable Incentive Agreement and related documents, including personal guaranties, with Annulox, LLC, and its owners in an amount not to exceed $100,000.00, for the creation and retention of five (5) new jobs with an average hourly wage of at least $23.40, exclusive of benefits. [Mayor's Office, Atkins]
Summary
Authorization to negotiate and execute an incentive agreement between the LFUCG and Annulox, LLC for $100,000 to be personally guaranteed by company ownership. Annulox, LLC is a chemical manufacturer that is developing new catalysts. The company proposes to create five (5) jobs at an average wage of $23.40 per hour. The Economic Development Investment Board reviewed the application and heard the proposal of Summit Biosciences on March 4, 2015. The Board voted unanimously to approve the application for incentives. Funds are budgeted. (L0333-15)(Atkins)
Budgetary Implications [select]: Yes/NO
Advance Document Review:
Law: { Select Yes/No, Completed by [Attorney Name, Date]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes/No/Partial
Account Number: 1144-136101-0001-78103
This Fiscal Year Impact: $100,000.00
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: $750,000.00
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 and pursuant to the Jobs Fund Program, be and hereby is authorized to negotiate and execute a ten (10) year forgivable Incentive Agreement and related documents, including personal guaranties, with Annulox, LLC and its owners, in an amount not to exceed $100,000.00, for the creation and retention of five (5) new jobs with an average hourly wage of at least $23.40, exclusive of benefits.
Section 2 - That an amount, not to exceed the sum of $100,000.00, be and hereby is approved for payment to Annulox, LLC, from account #1144-136101-78103, pursuant to the terms of the Incentive Agreement and related documents.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
_____________________________
CLERK OF URBAN COUNTY COUNCIL