Title
A Resolution approving the Granting of an inducement to Vector Corrosion Technologies, Inc., or its successor or affiliate, pursuant to the Ky. Business Investment Act (KRS SubChapter 154.32), whereby the Lexington-Fayette Urban County Government agrees to rebate annually one half of one percent (.5%) of the company's occupational license fees for a term of no longer than ten (10) years from the activation date, subject to the limitations contained in the Act and any Agreement with the Ky. Economic Development Finance Authority or the Urban County Government related to the Project, and taking other related action. [Mayor's Office, Atkins]
Summary
Authorization to allow an inducement to Vector Corrosion Technologies, Inc. for local participation in the Kentucky Business Investment (KBI) Program, which includes a 10-year local 0.5% wage assessment through KBI. Revenue is rebated, no actual cost. (L1152-23) (Atkins)
Budgetary Implications [select]: NO
Advance Document Review:
Law: { Select Yes, Completed by [Dave Barberie, 11/6/2023]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: N/A
Account Number: N/A
This Fiscal Year Impact: Revenue to be rebated; tax expenditure, not actual cost
Annual Impact: Revenue to be rebated; tax expenditure, not actual cost
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the General Assembly has created the Kentucky Business Investment Program pursuant to KRS SubChapter 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 Vector Corrosion Technologies, Inc., 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 Vector Corrosion Technologies, Inc. (or its succ...
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