Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute an Assignment Agreement and any other necessary related documents to allow Archvision, Inc., to transfer its interest in and obligations under a Jobs Fund Loan Agreement to Avail, LLC. [Mayor’s Office, Atkins]
Summary
Authorization to execute an assignment Agreement with Avail, LLC and Archvision, Inc. to
transfer the obligations of the Jobs Fund Loan Agreement to Avail, LLC. The Council previously approved the Jobs Fund Loan Agreement with Archvision, Inc. (R-231-2016) for the expansion of its operations anticipated from launching the Avail product. The Co. has chosen to establish a new entity for the product. The ownership structure for Avail, LLC will be identical to Archvision, Inc. There is no Budgetary impact. (L0799-16) (Atkins)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes, Completed by [Attorney Edwards, June 2016]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: N/A
Account Number:
This Fiscal Year Impact: $
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 to execute the Assignment Agreement, which is attached hereto and incorporated by reference, and any other necessary related documents, to allow ArchVision, Inc., to transfer its interest in and obligations under the Jobs Fund Loan Agreement attached thereto to Avail, LLC.
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