Title
Authorization to enter into a Lease Agreement with Vulcan Construction Materials, LLC, for a term of 10 years with an option for three renewal terms, of 10 years each, for the extraction of minerals (stone aggregate) from beneath LFUCG property on Old Frankfort Pike. Vulcan agrees to pay LFUCG a yearly royalty of 5.00% of the average unit sell price per ton of stone quarried, processed, sold and removed from the Premises each calendar year. The agreement guarantees a minimum annual Royalty of $100,000 for the first (2) years. No cost to LFUCG. (L0828-26) (Denney/Horn)
Summary
Authorization to enter into a Lease Agreement with Vulcan Construction Materials, LLC, for a term of 10 years with an option for three renewal terms, of 10 years each, for the extraction of minerals (stone aggregate) from beneath LFUCG property on Old Frankfort Pike. Vulcan agrees to pay LFUCG a yearly royalty of 5.00% of the average unit sell price per ton of stone quarried, processed, sold and removed from the Premises each calendar year. The agreement guarantees a minimum annual Royalty of $100,000 for the first (2) years. No cost to LFUCG. (L0828-26) (Denney/Horn)
Budgetary Implications [select]: yes
Advance Document Review:
Law: { Yes Completed by [Dave Barberie, 9/14/2026}
Risk Management: {Select Yes/No, Completed by [Official, Date]
Fully Budgeted [select]: N/A
Account Number:
This Fiscal Year Impact: minimum $100,000 revenue year one
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
Body
{COUNCIL CLERK’S OFFICE WILL COMPLETE - Body of resolution or ordinance}