Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government and pursuant to the Jobs Fund Program, to negotiate and execute a ten (10) year forgivable Incentive Agreement and related documents, including personal guaranties, with Summit Biosciences, Inc., and its owners, in an amount not to exceed $100,000, for the creation and retention of nine (9) new jobs with an average hourly wage of at least $31.75, exclusive of benefits. [Mayor's Office, Atkins]
Summary
Authorization to negotiate and execute an incentive agreement between the LFUCG and Summit Biosciences for $100,000 to be personally guaranteed by company ownership. Summit Biosciences is a biotech and pharmaceuticals that is developing new delivery systems for medicines. The company proposes to create nine (9) jobs at an average wage of $31.75 per hour. The Economic Development Investment Board reviewed the application and heard the proposal of Summit Biosciences on March 4, 2015. The Board voted unanimously to approve the application for incentives. Funds are budgeted. (L0330-15)(Atkins)
Budgetary Implications [select]: Yes/NO
Advance Document Review:
Law: { Select Yes/No, Completed by [Attorney Name, Date]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes/No/Partial
Account Number: 1144-136101-0001-78103
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: $750,000.00
Body
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 and pursuant to the Jobs Fund Program, be and hereby is authorized to negotiate and execute a ten (10) year forgivable Incentive Agreement and related documents, including personal guaranties, with Summit BioSciences, Inc., and its owners, in an amount not to exceed $100,000.00, for the creation and retention of nine (9) new jobs wi...
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