Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government and pursuant to the Jobs Fund Program, to execute a ten (10) year Loan Agreement and related documents with Archvision, Inc., in an amount not to exceed $250,000, for the creation and retention of at least four (4) new jobs with an average hourly wage of at least $40, exclusive of benefits. [Mayor's Office, Atkins]
Summary
Authorization to execute a Jobs Fund Incentive Agreement with Archvision, Inc. for $250,000 for the creation of four (4) new jobs at an average hourly wage of $40.00. The Economic Development Investment Board reviewed an application for incentives from the company. The board voted unanimously to approve a loan in the amount of $250,000 for Archvision for the creation of four (4) jobs to incentivize the company’s growth and expansion. The cost for FY 2016 will be $250,000. (L0366-16)(Atkins)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by Attorney Barberie, 3/2016
Fully Budgeted [select]: Yes
Account Number: 1144-136101-0001-78103
This Fiscal Year Impact: $250,000.00
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: $1,356,485.36
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 execute the ten (10) year Loan Agreement, which is attached hereto and incorporated by reference, and any related documents, with Archvision, Inc., in an amount not to exceed $250,000.00, for the creation and retention of at least four (4) new jobs with an average hourly wage of at least $40.00, exclusive of benefits.
Section 2 - That an amount, not to exceed the sum of $250,000.00, be and hereby is approved for payment to Archvision, Inc., from account #1144-136101-78103, pursuant to the terms of the Loan Agreement and any 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