Title
A Resolution approving the Granting of a local occupational license fee payroll tax rebate to Baptist Healthcare Systems, Inc., and/or its approved subsidiaries or affiliates, whereby the Lexington-Fayette Urban County Government agrees to rebate 1.25% of collected defined wages related to certain jobs created as part of Baptist Healthcare's Hamburg Project in Fayette County for a period of five years from the activation date, and 1.125% for an additional period of fifteen years, along with other consideration Granted to each party, and authorizing and directing the Mayor, on behalf of the Urban County Government, to execute an Agreement and any other necessary documents with Baptist Healthcare Systems, Inc., related to the project. [Mayor's Office, Atkins]
Summary
Authorization to allow an inducement to Baptist Healthcare Systems, Inc. as a local incentive, which includes a 20-year rebate of a portion of the Local Occupation Tax. Revenue to be rebated. Tax expenditure, not actual cost. (L0435-20) (Adkins)
Budgetary Implications: No
Advance Document Review:
Law: {Yes, Completed by [David Barberie, 4/28/2020]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: N/A
Account Number:
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, Baptist Healthcare Systems, Inc., has acquired an approximate 129-acre tract located on Polo Club Boulevard, in Lexington, Kentucky (the "Project Site") and plans to locate and construct thereon healthcare and medical office facilities related to its operations (the "Hamburg Project"); and
WHEREAS, the Hamburg Project will involve the construction of office and related healthcare facilities and related improvements with significant site improvements and other amenities with estimated total capital investment at full ...
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