Title
A Resolution formally requesting, with Madison and Scott Counties, a Product Development Initiative Grant (“Grant”) from the Ky. Economic Development Finance Authority in the collective amount of $3,750,000 on behalf of the Central Ky. Regional Product Project in Madison County and Scott County, to acquire one or more properties for a regional business park, with any required match being paid by Scott and/or Madison Counties; and authorizing and directing the Mayor, or her designee, on behalf of the Urban County Government, to execute any necessary documents related to the Grant, to accept the Urban County Government’s share of the Grant and distribute said funds to Scott and Madison Counties upon award of the Grant, and to take any other necessary actions necessary related to the Grant. [Mayor's Office, Atkins ]
Summary
Authorization for a Resolution requesting support for a Kentucky Product Development Initiative (KPDI) Grant from the Kentucky Economic Development Finance Authority (KEDFA) in the amount of $3,750,000 on behalf of the Central Kentucky Regional Product (Madison Co.) and Central Kentucky Regional Product (Scott Co.) project for a regional economic development park(s) to provide land for a potential mega site(s) within the Bluegrass Alliance region. The LFUCG commitment is for a portion of the $2,000,000 in KPDI Grant funds available for Fayette County under the state program. No matching funds required. (L0779-23) (Atkins)
Budgetary Implications [select]: No
Advance Document Review:
Law: { Select Yes, Completed by [Evan Thompson, 8/3/23]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: N/A
Account Number: N/A
This Fiscal Year Impact: $N/A
Annual Impact: $N/A
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That, together with Madison and Scott Counties, the Lexington-Fayette Urban County Government hereby formally requests a Product Development Initiative Grant (“Grant”) from the Kentucky Economic Development Finance Authority in the collective amount of $3,750,000.00 on behalf of the Central Kentucky Regional Product Project in Madison County and Scott County, to acquire one or more properties for a regional business park, with any required match being paid by Madison and/or Scott Counties.
Section 2 - That the Mayor, or her designee, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute any necessary documents related to the Grant; to accept the Lexington-Fayette Urban County Government’s share of the Grant and distribute said funds to Madison and Scott Counties, upon award of the Grant; and to take any other necessary actions.
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
0779-23:EPT:X:\CASES\MOED\23-LE0001\LEG\00789473.DOCX