Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a Forgivable Loan Agreement and related documents with Turner Property 4, LLC, pursuant to the Public Infrastructure Program, for sidewalk and public parking improvements, at a cost not to exceed $366,680. [Mayor's Office, Bencz]
Summary
Authorization to execute a Public Infrastructure Program Forgivable Loan Agreement with Turner Property 4 LLC in the amount of $366,680 for the construction of sidewalk and public parking improvements to serve a forty (40) acre site located at 125 Turner Commons Way. Funds are Budgeted. (L1051-24)(Bencz/Atkins)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes, Completed by [Evan Thompson, 10/13/2024]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Yes
Account Number: 1144-133004-0001-78103
This Fiscal Year Impact: $366,680
Annual Impact: NA
Project:
Activity:
Budget Reference:
Current Balance: $2,000,000.00
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute the Forgivable Loan Agreement, which is attached hereto and incorporated herein by reference, and related documents, with Turner Property 4, LLC, pursuant to the Public Infrastructure Program, for sidewalk and public parking improvements.
Section 2 - That an amount, not to exceed the sum of $366,680.00, be and hereby is approved for payment to Turner Property 4, LLC, from account # 1144-133004-0001-78103, pursuant to the terms of the Forgivable Loan Agreement.
Section 3 - This Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
_____________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY CO...
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