Title
A Resolution endorsing or authorizing the formation of multiple legal entities related to the Historic Courthouse Project in order to maximize tax credits, authorizing the Mayor, on behalf of the Urban County Government and the Urban County Government Public Facilities Corp. to execute a Long Term Lease Agreement for the property, and on behalf of the Urban County Government, to execute an Economic Development Loan Agreement and any other necessary related documents in an amount not to exceed $12,000,000, expressing the commitment of the Urban County Government to contribute a total amount of $22,000,000 towards the project subject to the meeting of certain conditions, and authorizing the Mayor to take any additional actions necessary to fulfill the intent and purpose of this Resolution. [Dept. of Law, Graham]
Summary
Authorization to endorse both the formation of the legal entities required to utilize state and federal historic tax credits for the Historic Fayette County Courthouse Rehabilitation Project and a future economic development grant of $22 million. It will also authorize the long-term ground lease of the property and a short-term loan for the project in an amount not to exceed $12 million. Funds are Budgeted. (L162-16) (Barberie/Graham)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: Yes, Completed by Dave Barberie, 02/18/2016
Risk Management: No
Fully Budgeted: Yes
Account Number: 2606-133002-0001-90511
This Fiscal Year Impact: $12,000,000.00
Annual Impact: $
Project: OLD_COURT_2016
Activity: RENOVATE
Budget Reference: 2016
Current Balance: $19,424,000.00
Body
WHEREAS, the Lexington-Fayette Urban County Government finds it to be in the public interest to restore, rehabilitate and adaptively re-use the historic Fayette County Courthouse (the "Historic Courthouse Project") located at 215 W. Main Street in downtown Lexington, Fayette County, Kentucky; and
WHEREAS, the Historic Courthouse Proj...
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