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 a Personal Guaranty(s), with Awesome, Inc., U., and its owner(s), in an amount not to exceed $70,000.00 (subject to sufficient funds being appropriated in Fiscal Year 2016), for the creation and retention of at least one (1) new job with an average hourly wage of at least $25.00, exclusive of benefits, and additional requirements pertaining to job training and placement for participating students. [Mayor's Office, Atkins]
Summary
Authorization to negotiate and execute an incentive agreement between the LFUCG and Awesome Inc. U for $70,000 to create one (1) job at an average wage of $25.00 per hour. Awesome Inc. U will have the additional requirement of job training and job placement for students in their programs. Awesome Inc. U is a business that provides computer programming training for students and adults. The funds will be disbursed over the course of two years in two equal disbursements. A personal guarantee is required for the first year. Funds are budgeted. (L0655-15)(Atkins)
Budgetary Implications [select]: Yes
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
Account Number: 1144-136101-0001-78103
This Fiscal Year Impact: $35,000 FY15
$35,000 FY16
Annual Impact: $70,000.00
Project:
Activity:
Budget Reference:
Current Balance: $650,476.05
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 a personal guaranty(s), with Awesome, Inc. U., and its owner(s), in an amount not to exceed $70,000.00, for the creation and retention of at least one (1) new job with an average hourly wage of at least $25.00, exclusive of benefits, and additional requirements pertaining to job training and placement for participating students.
Section 2 - That an amount, not to exceed the sum of $70,000.00, be and hereby is approved for payment to Awesome, Inc. U., from account #1144-136101-78103 ($35,000.00 Fiscal Year 2015) and account #1144-136101-78103 ($35,000.00 Fiscal Year 2016), pursuant to the terms of the Incentive Agreement and related documents and subject to the appropriation of sufficient funds in Fiscal Year 2016.
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