Title
A Resolution approving the granting of an inducement to Hera Testing Laboratories, 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 Hera Testing Laboratories, 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 execute an Agreement with Hera Testing laboratories, Inc. to participate in the Kentucky Business Investment (KBI) Program, which includes a 10-year, local 1% wage assessment through KBI. The Kentucky Economic Development Finance Authority granted an inducement to the Co. through the KBI program. The LFUCG participates in this program at a 1% wage assessment. This is for the creation of at least 23 new jobs. There is no Budgetary impact. (L069-016)(Atkins)
Budgetary Implications [select]: /NO
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Fully Budgeted [select]: Yes/No/Partial
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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 Hera Testing Laboratories, Inc., in the Kentucky Business Investment Program (the "Program"); and
WHEREAS, the Council of the Lexington-Fayette Urban County Government is willing to approve the granting of an inducem...
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