Title
A Resolution approving the granting of an inducement to SRC of Lexington, Inc., 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 Fee related to the project 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 SRC of Lexington, Inc., has with the Ky. Economic Development Finance Authority or the Urban County Government related to the project, and taking other related action. [Mayor's Office, Atkins]
Summary
Authorization to approve agreement with SRC of Lexington, Inc. approving a 10-year local 1% wage assessment to participate in the Kentucky Economic Development's Kentucky Business Investment Program. This is a request to approve agreement with SRC of Lexington, Inc. approving a 10-year local 1% wage assessment to participate in the Kentucky Economic Development's Kentucky Business Investment Program. SRC of Lexington, Inc. plans to create 50 jobs with an average wage of approximately $41,600 per year plus benefits. There is no budgetary impact. (L0815-15)(Atkins)
Budgetary Implications [select]: NO
Advance Document Review:
Law: NO
Risk Management: NO
Fully Budgeted [select]: 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 SRC of Lexington, Inc., in the Kentucky Business Investment Program (the "Program"); and
WHEREAS, the Council of the Lexington-Fayette Urban County Governmen...
Click here for full text