Title
A Resolution authorizing the Mayor and the Commissioner of Finance, on behalf of the Lexington-Fayette Urban County Government and its Dept. of Finance, to execute a Master Development Agreement and any other necessary related documents, with Bayer Properties, LLC, for the Summit Lexington Development Area TIF Project. [Mayor's Office, Emmons]
Summary
Authorization to execute The Summit Lexington Development Area Tax Increment Financing (TIF) Master Development Agreement with Lexington-Fayette Urban County Government Department of Finance and Bayer Properties. (L0120-14) (Emmons)
This is a request to execute The Summit Lexington Development Area Tax Increment Financing (TIF) Master Development Agreement with Lexington-Fayette Urban County Government Department of Finance and Bayer Properties.
The agreement covers the allocation of incremental revenues to be generated by the project as well as a schedule for the project.
Budgetary Implications: NA
Advance Document Review: Law/Risk Management
Fully Budgeted:
Account Number:
This Fiscal Year Impact: $
Annual Impact: $
Project:
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Current Balance: N/A
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor and the Commissioner of Finance, on behalf of the Lexington-Fayette Urban County Government and its Department of Finance, be and hereby are authorized to execute the Master Development Agreement, which is attached hereto and incorporated herein by reference, and any other necessary related documents, with Bayer Properties, LLC, for the Summit Lexington Development Area TIF Project.
Section 2 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
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MAYOR
ATTEST:
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CLERK OF URBAN COUNTY COUNCIL