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A Resolution approving the granting of an inducement to Bingham McCutchen LLP, pursuant to the Ky. Business Investment Act (KRS Chapter 154.32), whereby the Lexington-Fayette Urban County Government agrees to forego the collection of the local building and permitting fees related to the renovation of the property located at 1500 Aristides Blvd., Lexington, Ky. (Coldstream Research Park), and 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 Bingham McCutchen LLP, has with the Ky. Economic Development Finance Authority related to the project, and taking other related action.
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WHEREAS, the General Assembly has created the Kentucky Business Investment Program pursuant to KRS Chapter 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 Bingham McCutchen LLP, 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 Bingham McCutchen LLP, pursuant to the Act, whereby it would forego the collection of local building and permit fees related to the renovation of the property located at 1500 Aristides Boulevard, Lexington, Kentucky (Coldstream Research Park), and the collection of the one percent (1%) of the occupational license fee that would otherwise be due to it related to the employees who meet the requirements of the Program, which shall be retained by Bingham McCutchen LLP, for a term of not longer than ten (10) years from the activation date established by the Program, subject to the limitations contained in the Act and any agreement.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYET...
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