Title
An Ordinance of the Lexington-Fayette Urban County Government authorizing an amended and restated Management Contract between the Lexington-Fayette Urban County Government and the Lexington Center Corporation, an agency and instrumentality of Lexington-Fayette Urban County Government; and authorizing other actions in connection therewith. [Dept. of Finance, Hensley]
Summary
Authorization to approve an Ordinance of the Lexington-Fayette Urban County Government authorizing an Amended and Restated Management Contract between the Lexington-Fayette Urban County Government and the Lexington Center Corporation. (L0143-22) (Hensley)
Budgetary Implications: No
Advance Document Review: Yes
Law: Yes, Completed by David Barberie, Jan 24, 2022
Risk Management: No
Fully Budgeted: N/A
Account Number: N/A
This Fiscal Year Impact: $0
Annual Impact: $0
Project:
Activity:
Budget Reference:
Current Balance:
Body
WHEREAS, the Lexington Center Corporation ("LCC") is the owner of certain real property and improvements thereon located in Fayette County, Kentucky, on which property LCC operates and manages certain facilities, including, without limitation, Rupp Arena and Central Bank Center (collectively, the "Facilities"); and
WHEREAS, the Lexington-Fayette Urban County Government, from time to time since 1975, has authorized the issuance of bonds in order to finance LCC's construction and operation of the Facilities ("Previous Bond Transactions"); and
WHEREAS, part of the terms and conditions of the Previous Bond Transactions included the Lexington-Fayette Urban County Government's leasing of a portion of LCC's real property and Facilities and obligating itself to pay rentals to LCC for said leased property and Facilities; and
WHEREAS, simultaneously with the leasing of a portion of the real property and Facilities to the Lexington-Fayette Urban County Government, the Lexington-Fayette Urban County Government has previously entered into one or ...
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