Title
A Resolution amending Resolution No. 288-2011, as previously amended by Resolution No. 117-2013, to change the period of time for the local incentive provided to Tempur-Pedic International, Inc., and its approved affiliates to five (5) years. [Mayor's Office, Atkins]
Summary
Authorization to amend Resolution No. 288-2011 to reduce the length of time for the Tempur-Pedic International inducement from ten years to five years. (L379-13) (Atkins)
This is a request to amend Resolution No. 288-2011 to reduce the length of time for the Tempur-Pedic International Inc. inducement from ten years to five years to match the length of the state inducement. There is no budgetary impact.
Budgetary Implications: NA
Advance Document Review: Law/Risk Management
Fully Budgeted: NA
Account Number:
This Fiscal Year Impact: NA
Annual Impact: NA
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Body
WHEREAS, the Kentucky Economic Development Finance Authority has agreed to provide Tempur-Pedic International, Inc., and its approved affiliates with incentives for a five (5) year period, and the Lexington-Fayette Urban County Government desires to provide the local incentive for a matching period of time.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Lexington-Fayette Urban County Government Resolution No. 288-2011, as previously amended by Lexington-Fayette Urban County Government Resolution No. 117- 2013, be and hereby is amended in all relevant sections to change the period of time for which the Lexington-Fayette Urban County Government agrees to forego the one percent (1%) occupational license fee to five (5) years.
Section 2 - That Resolution No. 288-11, as previously amended by Resolution No. 117-2013, otherwise remains unchanged and is in effect.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
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MAYOR
ATTEST:
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CLERK OF URBAN COUNTY COUNCIL