Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a Grant Agreement with Bluegrass Agtech Development Corp., to provide startup costs and funds for challenge Grants to establish Lexington-Fayette County as an innovation hub for agriculture technology, at a cost not to exceed $1,000,000. [Mayor's Office, Atkins]
Summary
Authorization to execute a Grant Agreement with Bluegrass Agtech Development Corp, in the amount of $1,000,000, for a public private partnership to help establish Lexington-Fayette County as an innovation hub for agriculture technology. Funding will be for start-up costs as well as challenge Grants for businesses to improve agriculture technology. Funds are Budgeted. (L0529-23) (Atkins)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Evan Thompson
Risk Management: No
Fully Budgeted: Yes
Account Number: 1101-900116-0001-71101
This Fiscal Year Impact: $1,000,000
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance: 1,000,000.00
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 to execute a Grant Agreement, which is attached hereto and incorporated herein by reference, with Bluegrass Agtech Development Corp., to provide startup costs and funds for challenge Grants to establish Lexington-Fayette County as an innovation hub for agriculture technology, at a cost not to exceed $1,000,000.00.
Section 2 - That an amount, not to exceed the sum of $1,000,000.00, be and hereby is approved for payment to Bluegrass Agtech Development Corp., from account # 1101-900116-0001-71101, pursuant to the terms of the Agreement.
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
0529-23:EPT:X:\Cases\MOED\23-LE0001\LEG\00782701.DOCX