Title
A Resolution authorizing and directing the Mayor or her designee, on behalf of the Urban County Government, to execute all necessary documents related to the assignment and assumption of the rights and obligations related to the Summit Tax Increment Financing (TIF) Project, at no cost to the Urban County Government. [Dept. of Finance, Hensley]
Summary
Authorization to approve and execute any documents related to the assignment and assumption of rights and obligations related to The Summit Tax Increment Financing (TIF) project to new owners, Fritz Farm Owner, LLC. The original 2013/2014 terms and conditions of the TIF will remain unchanged. No Budgetary impact. (L0522-25)(Simpson/Hensley)
Budgetary Implications: No
Advance Document Review:
Law: Yes, Completed by Evan Thompson, 5/21/2025
Risk Management: NA
Fully Budgeted: NA
Account Number: NA
This Fiscal Year Impact: $0
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor or her designee, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute all necessary documents, including without limitation those attached hereto and incorporated herein by reference, related to the assignment and assumption of the rights and obligations related to The Summit Tax Increment Financing (TIF), at no cost to the Urban County Government.
Section 2 - This Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
_____________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL
0522-25:EPT_4906-8754-4903, v. 1