Title
An Ordinance establishing a local economic development program to be known as the Lexington Jobs Fund and providing for its purpose, the Economic Investment Development Board, Program fund protections, priorities, limitations, criteria, an application process, administration by the Chief Development Officer, and a Program fund; all effective upon date of passage. [Mayor's Office, Atkins]
Summary
Authorization to create the JOBS Fund, a local economic development program to attract and expand companies within Fayette County. (L1237-13) (Emmons)
This is a request to create the JOBS Fund, a local economic development program to attract and expand companies within Fayette County by allowing companies to apply for incentive dollars to increase the number of jobs provided by their company.
Budgetary Implications: Yes/NO
Advance Document Review: Law/Risk Management
Fully Budgeted: Yes/No/Partial
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: BA to follow
Body
WHEREAS, in order to increase its competitiveness in attracting businesses with good-paying jobs, grow existing businesses and foster entrepreneurship, the Lexington-Fayette Urban County Government must broaden and strengthen its current economic development capabilities and invest additional local resources to supplement existing incentives; and
WHEERAS, the urban county government desires to establish a local economic development incentive program in order to attract or expand the growth of these types of businesses in Lexington-Fayette County, which is to be known as the "Lexington Jobs Fund"; and
WHEREAS, the anticipated economic impact attributable to the Lexington Jobs Fund is significant, and will benefit the citizens and taxpayers of Lexington-Fayette County.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - There ...
Click here for full text