Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute an Economic Incentive Agreement with Keeneland Association, Inc., for the reimbursement of up to $1,000,000 of public infrastructure costs related to its multi-million expansion project. [Mayor's Office, Atkins]
Summary
Authorization to execute an Economic Incentive Agreement with Keeneland Association, Inc. to provide Public Infrastructure funds in the amount of $1,000,000 for the development of the Keeneland Paddock Chalet Building, the relocation of back-of-house operations, grandstand upgrades, and the development of a visitor's center. The Economic Development Investment Board has recommended approval. As part of the approval process the Council will waive the requirement in the Ordinance related to these public infrastructure funds that the funding be provided in the form of an interest free loan. Budget amendment in process. (L1098-23) (Atkins)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes, Completed by [Dave Barberie, 10/18/2023]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: BA in process
Account Number: 1144-133004-0001-78103
This Fiscal Year Impact: $1,000,000.00
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: BA in process
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 and directed to execute the Economic Incentive Agreement, which is attached hereto and incorporated herein by reference, with Keeneland Association, Inc., for the reimbursement of up to $1,000,000 of public infrastructure costs related to its multimillion dollar expansion project.
Section 2 - That to the extent required and necessary, the provisions of the Lexington Public Infrastructure Program Ordinance (Ordinance No. 141-...
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