Title
A Resolution amending Resolution No. 288-2011 to approve the granting of an inducement to Temper-Pedic International, Inc., and its affiliates. [Mayor’s Office, Atkins]
Summary
Authorization to amend Resolution No. 288-2011 to include the affiliates of Tempur-Pedic International Inc. (L0207-13) (Atkins)
This is a request to amend Resolution No. 288-2011 to include the affiliates of Tempur-Pedic International Inc. because the affiliates of Tempur-Pedic will be employing some of the workers that qualify Tempur-Pedic for the inducement of the Occupational License Fee.
Budgetary Implications: NO
Advance Document Review: Law/Risk Management
Fully Budgeted: NA
Account Number:
This Fiscal Year Impact: NA
Annual Impact: NA
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Activity:
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Body
WHEREAS, Resolution No. 288-2011 improperly identified the appropriate companies which were to receive the one percent (1%) occupational license fee incentive; and
WHEREAS, this error needs to be corrected in order to ensure that the appropriate companies are identified for participation in the program; and
WHEREAS, the activation date should also be clarified.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Resolution No. 288-11 be and hereby is amended in all relevant sections to approve the granting of the economic development incentive to Temper-Pedic International, Inc., and all Approved Affiliates authorized by the Kentucky Economic Development Finance Authority to receive incentives, and all references in Resolution No. 288-11 to “Tempur-Pedic International” are replaced with “Tempur-Pedic International. Inc. and its affiliates.”
Section 2 - That Section 2 of Resolution No. 288-2011 be and hereby is amended to change the ten (10) year term activation date to the later of February 28, 2013 or the activation date established by the Kentucky Business Investment Program.
Section 3 - That Resolution No. 288-11 otherwise r...
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