Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, to execute a Loan Agreement with the Downtown Lexington Management District, in an amount not to exceed $25,000. [Dept. of General Services, Reed]
Summary
Authorization to execute a Loan Agreement with the Downtown Lexington Management District for the amount of $25,000, at 0% interest, repaid in two $12,500 installments, in order to provide funds for district startup activities, including website, marketing, and basic administration. Budget amendment is in process. (L0398-16) (Reed)
Budgetary Implications: BA 7358 in process
Advance Document Review:
Law: Yes, Completed by David Barberie, 04/04/2016
Risk Management: No
Fully Budgeted: BA 7358 in process
Account Number: 1101-133001-0001-71299
This Fiscal Year Impact: $25,000
Annual Impact:
Project:
Activity:
Budget Reference:
Current Balance: BA 7358 in process
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized to execute the Loan Agreement, which is attached hereto and incorporated by reference, with the Downtown Lexington Management District, in an amount not to exceed $25,000.00.
Section 2 - That an amount, not to exceed the sum of $25,000.00, be and hereby is approved for payment to the Downtown Lexington Management District, from account #1101-133001-71299, pursuant to the terms of the Loan Agreement and subject to the approval of a pending Budget amendment related to the funding.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN COUNTY COUNCIL