Title
A Resolution approving the granting of an inducement to Sumitomo Electric Wiring Systems, Inc., pursuant to the Ky. Business Investment Act (KRS Subchapter 154.32), whereby the Lexington-Fayette Urban County Government agrees to forego the collection of one percent (1%) of the Occupational License Fee related to the project for a term of not longer than ten (10) years from the activation date, subject to the limitations contained in the Act and any agreement Sumitomo Electric Wiring Systems, Inc., has with the Ky. Economic Development Finance Authority or the Urban County Government related to the project, and taking other related action. [Mayor's Office, Atkins]
Summary
Authorization to approve agreement with Sumitomo Electric Wiring Systems, Inc. approving a 10-year local 1% wage assessment to participate in the Kentucky Economic Development's Kentucky Business Investment Program. The Kentucky Economic Development Finance Authority has given Sumitomo Electric Wiring Systems, Inc. preliminary approval to participate in the Kentucky Business Investment Program. Sumitomo Electric Wiring Systems, Inc. plans to create 10 jobs with an average wage of approximately $56,400 per year plus benefits. There is no budgetary impact. (L0817-15)(Atkins)
Budgetary Implications [select]: NO
Advance Document Review:
Law: NO
Risk Management: NO
Fully Budgeted [select]: Yes/No/Partial
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This Fiscal Year Impact: $
Annual Impact: $
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Body
WHEREAS, the General Assembly has created the Kentucky Business Investment Program pursuant to KRS Subchapter 154.32 (the "Act") to induce the creation of certain qualifying projects that would create jobs in Kentucky; and
WHEREAS, the Kentucky Economic Development Finance Authority has preliminarily approved the participation of Sumitomo Electric Wiring Systems, Inc., in the Kentucky Business Investment Program (the "Program"); and
WHERE...
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