Title
A Resolution creating a Local Small Business Economic Stimulus Program to provide funding of up to $2,500,000 to qualifying local Small Businesses by no later than December 31, 2020 and providing for its purpose, a goal of 50% funds distributed to minority or women owned businesses or businesses located within lower income areas, Grants not to exceed a maximum of $25,000 each, eligibility requirements, business impact criteria, applications and authorization to execute necessary Agreements with Grant recipients; and authorizing and directing the Mayor, on behalf of the Urban County Government to execute an Agreement with commerce Lexington, Inc., for a fee in an amount not to exceed $125,000 to administer the Program, including application review and compliance, and further authorizing the Mayor or her designee to take any other additional necessary actions; all effective upon passage of Council. [Council Office, Maynard]
Body
WHEREAS, Lexington-Fayette County has experienced an unprecedented health pandemic related to COVID-19, which has resulted in the closing of many businesses and the loss of income to those businesses; and
WHEREAS, the Urban County Council Budgeted $2,500,000 in the Lexington-Fayette Urban County Government's Fiscal Year 2021 Budget for the creation of a Local Small Business Economic Stimulus Program (the "Program") to assist businesses in their recovery from the pandemic; and
WHEREAS, at least fifty percent (50%) of the Program funds are desired to be spent on minority or women owned businesses and/or on small business located in lower income areas of Lexington-Fayette County; and
WHEREAS, the Lexington-Fayette Urban County Government needs to establish the minimum criteria for qualifying for Program funding and operating the Program; and
WHEREAS, the Lexington-Fayette Urban County Government has determined that the Program established herein fulfills a public purpose by providing for economic development and recovery from the c...
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