Title
A Resolution approving the granting of an inducement to Alliance Coal, LLC, pursuant to the Ky. Business Investment Act (KRS Chapter 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 Alliance Coal, 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 approve a 10-year agreement with Alliance Coal, LLC to participate in the Kentucky Business Investment (KBI) Program. (L1228-13) (Atkins)
This is a request to approve a 10-year agreement with Alliance Coal, LLC to participate in the KBI Program, which allows for the recovery of up to 100% of start-up and building costs through Kentucky corporate income tax credits and wage assessment fee of up to 4%. There is no budgetary impact.
Budgetary Implications: NO
Advance Document Review: Law
Fully Budgeted: NA
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This Fiscal Year Impact: NA
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Body
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 Alliance Coal, 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 Alliance Coal, LLC, pursuant to the Act, whereby it would forego the collection of the one percent (1%) of the occupational license fee that would otherwi...
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