Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute an Amendment to the Agreement authorized by Resolution No. 618-2023, to replace references to LSC Stadium Co., LLC with LSC Holdings, LLC, and to tie the incentives to employment at the project site, at no additional cost to the Urban County Government. [Div. of Revenue, Holbrook]
Summary
Authorization to execute an Amendment to Resolution #618-2023 with LSC to change the entity requesting payroll incentives to LSC Holdings, LLC and limit those requests to the Project Site. The entity listed in the original Agreement (LSC Stadium Company, LLC) ultimately does not have payroll in Lexington-Fayette County, so the incentive is being amended to allow LSC to collect it’s payroll incentives. Furthermore, the original Contract has some conflicting language related to the location of the incentive location and this amended Agreement further clarifies its incentives at the project site at 5354 Athens Boonesboro Road. There is no Budgetary impact. (L0842-25)(Holbrook/Hensley)
Budgetary Implications [select]: No
Advance Document Review:
Law: { No, Completed by [Dave Barberie/Evan Thompson, ]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
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 and directed to execute an Amendment to the Agreement authorized by Resolution No. 618-2023, to replace references to LSC Stadium Company, LLC with LSC Holdings, LLC, and to tie the incentives offered in the Agreement to employment at the Project Site, at no additional cost to the Urban County Government.
Section 2 – That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
______________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
0842-25:EPT_4917-8910-5768, v. 1