Title
A Resolution of the Lexington-Fayette Urban County Government authorizing the Kentucky Bond Development Corp. to issue bonds payable from TIF revenue to pay costs of development of the Summit Lexington Project. [Council Office, Maynard]
Body
WHEREAS, public agencies in the Commonwealth of Kentucky have experienced and are continuing to experience difficulty in economically funding or financing various governmental purposes at reasonable costs; and
WHEREAS, public agencies, including Lexington-Fayette Urban County Government, have entered and will enter into an Interlocal Cooperation Agreement dated September 19, 2014, as authorized under Sections 65.210 through Section 65.300 (the "Interlocal Agreement"), inclusive, of the Kentucky Revised Statutes, as amended, which authorizes public agencies to cooperate and act jointly in exercising any and all powers, privileges and authority capable of exercise by such public agencies in their respective individual capacities; and
WHEREAS, in order to provide a vehicle for economically funding or financing various governmental and economic development purposes of public agencies in the Commonwealth of Kentucky, the Kentucky League of Cities Economic Development Finance Program (the "Program") has been established under the Interlocal Agreement and, under the Program, the Kentucky Bond Development Corporation (the "Issuer") has been established; and
WHEREAS, the Program will benefit the public health, safety and general welfare of the citizens of Lexington-Fayette Urban County Government; and
WHEREAS, Bayer Properties, LLC, a foreign limited liability company and its affiliates (the "Company"), the Lexington-Fayette Urban County Government's Department of Finance (the "Finance Agency") and the Lexington-Fayette Urban County Government have heretofore entered into a Master Development Agreement dated as of February 13, 2014, as amended by a First Amendment to Master Development Agr...
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