Title
A Resolution approving the granting of an inducement to Delta T Corp. d/b/a Big Ass Fans, pursuant to the Ky. Business Investment Act (KRS Chapter 154.32), whereby the Lexington-Fayette Urban County Government agrees to forego the collection of one percent (1%) of the occupational license fees for a term of not longer than ten (10) years from the activation date, subject to the limitations contained in the Act and any Agreement Delta T Corp. d/b/a Big Ass Fans, has with the Ky. Economic Development Finance Authority related to the project, and taking other related action. [Council Office, Maynard]
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WHEREAS, the General Assembly has created the Kentucky Business Investment Program pursuant to KRS Chapter 154.32 (the “Act”) to induce the creation of certain qualifying projects that would create jobs in Kentucky; and
WHEREAS, the Kentucky Economic Development Finance Authority has preliminarily approved the participation of Delta T Corporation d/b/a Big Ass Fans, in the Kentucky Business Investment Program (the “Program”); and
WHEREAS, the Council of the Lexington-Fayette Urban County Government is willing to approve the granting of an inducement to Delta T Corporation d/b/a Big Ass Fans, pursuant to the Act, whereby it would forego the collection of the one percent (1%) of the occupational license fee that would otherwise be due to it related to the employees who meet the requirements of the Program, which shall be retained by Delta T Corporation d/b/a Big Ass Fans, for a term of not longer than ten (10) years from the activation date established by the Program, subject to the limitations contained in the Act and any agreement.
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the granting of an inducement to Delta T Corporation d/b/a Big Ass Fans, be and hereby is approved pursuant to the Kentucky Business Investment Program of the Kentucky Jobs Development Act (KRS Chapter 154.32).
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