Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government and pursuant to the Jobs Fund Program, to execute a Partially Forgivable Loan Agreement and related documents with WearWare, Inc., in an amount not to exceed $100,000, for the creation and retention of at least four (4) new jobs with an average hourly wage of at least $22.94, exclusive of benefits. [Mayor’s Office, Atkins]
Summary
Authorization to execute a Jobs Fund Incentive Agreement with WearWare, Inc. for $100,000.00 for the creation of four (4) new jobs at an average hourly wage of $22.94. Funds are Budgeted. (L0800-16) (Atkins)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by Attorney Edwards, 6/2016
Fully Budgeted [select]: Yes
Account Number: 1144-136101-0001-78103
This Fiscal Year Impact: $100,000
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: $1,250,000
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 partially forgivable Loan Agreement, which is attached hereto and incorporated by reference, and any related documents, with WearWare, Inc., in an amount not to exceed $ 100,000.00, for the creation and retention of at least four (4) new jobs with an average hourly wage of at least $22.94, 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 WearWare, Inc., from account #1144-133004-0001-78103, 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