Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute the First Amendment to the Loan Agreement, and any related documents, with Space Tango, LLC, to reduce the loan amount from $250,000 to $187,000. [Mayor's Office, Atkins]
Summary
Authorization to execute a First Amendment to the Lexington JOBS Fund Loan Agreement with Space Tango, LLC to lower the loan amount from $250,000 to $187,000 to reflect Space Tango, LLC’s increased profitability and their decision to avoid taking on additional debt. The final loan disbursement will be $125,000 in FY 25. Funds are Budgeted. (L0356-25)(Atkins)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Yes, Completed by [Evan Thompson, 4/10/2025}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: NA
This Fiscal Year Impact: decrease $62,500
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
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, be and hereby is authorized and directed to execute the First Amendment to the Loan Agreement, attached hereto and incorporated herein by reference, and any related documents, with Space Tango, LLC, to reduce the loan amount from $250,000.00 to $187,000.00.
Section 2 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
_________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
0356-25:EPT_4918-3392-9786, v. 1