Title
A Resolution assigning the economic incentive previously granted to nGimat, LLC, pursuant to Resolution 661-2010 to Engi-Mat Co. or its successors in interest or affiliates as may be approved by the Ky. Economic Development Finance Authority. [Mayor's Office, Atkins]
Summary
Authorization to assign the economic incentive Granted to nGimat, LLC pursuant to Resolution 661-2010 to Engi-Mat Co. or its successors in interest or affiliates as May be approved by the Kentucky Economic Development Finance Authority (KEDFA). Resolution 661-2010, approved by the Urban County Council, Granted the inducement to forego the collection of one percent (1%) of the occupational license fees for a term of not longer than ten (10) years from the activation date to nGimat LLC. Revenue to be rebated. Tax expenditure, not actual cost. (L0801-19) (Adkins)
Budgetary Implications: No
Advance Document Review:
Law: Yes, Thompson/Barberie
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: N/A
Account Number:
This Fiscal Year Impact: NA
Annual Impact:.
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Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That, due to the merger of nGimat, LLC and Engi-Mat Co. into Engi-Mat Co., the economic incentive previously Granted to nGimat, LLC, by the Lexington-Fayette Urban County Government pursuant to Resolution 661-2010 be and hereby is assigned, under the same terms and conditions, to Engi-Mat Co., or its successors in interest or affiliates as May be approved by the Kentucky Economic Development Finance Authority.
Section 2 - That the Mayor, the Clerk of the Urban County Council, and other appropriate officers and employees of the Urban County Government be and hereby are authorized to execute, acknowledge, and deliver any Agreements, documents, and such other instruments and papers and to take such other action as May be necessary or desirable, on behalf of the Lexington-Fayette Urban County Government, to effect the transaction authorized above and to commence the term of the economic incentive.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
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CLERK OF URBAN COUNTY COUNCIL
801-19_EPT_X:\CASES\MOED\19-LE0001\LEG\00661721.DOCX