Title
A Resolution approving the granting of an inducement to Creative Lodgings Solutions, LLC, 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 fees 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 Creative Lodgings Solutions, LLC, has with the Ky. Economic Development Finance Authority and/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 Creative Lodgings Solutions, LLC to participate in the Kentucky Business Investment Program. (L0979-14)(Atkins)
This is a request to execute an agreement with Creative Lodgings Solutions, LLC to participate in the Kentucky Business Investment Program, which includes a 10-year local 1% wage assessment through KBI. There is no fiscal impact.
Budgetary Implications: NO
Advance Document Review: Law/Risk Management
Fully Budgeted: Yes/No/Partial
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance:
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 Creative Lodgings Solutions, LLC, 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 inducement to Creative Lodgings Solutions, LLC, pursuant to the Act, whereby it would forego the collection of the one percent (1%) of the occupational license...
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