Title
A Resolution authorizing an additional $2,500,000 for the LFUCG Small Business Economic Recovery Program created by Resolution No. 235-2021 to provide Grants of up to $25,000 to qualifying local small businesses; authorizing and directing the Mayor to execute a Contract Amendment with Commerce Lexington, Inc. to administer the Program for a fee in the amount of 7.5% of the additional funds distributed (not to exceed $187,500); and further authorizing the Mayor or her designee to take any other additional necessary actions; all effective upon passage of Council. [Council Office, Maynard]
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WHEREAS, Lexington-Fayette County has experienced an unprecedented health pandemic related to COVID-19, which has resulted in economic turmoil and significant economic losses to many local small businesses; and
WHEREAS, in Resolution No. 235-2021, the Urban County Council created the LFUCG Small Business Economic Recovery Program (or hereinafter the "Program"), a $2,500,000.00 Grant program to assist local small businesses in their recovery from the pandemic; and
WHEREAS, in Resolution No. 235-2021, the Lexington-Fayette Urban County Government established the minimum criteria for qualifying for Program funding; determined how the Program was to be operated; and set the desire that at least fifty percent (50%) of Program funds be provided to minority or women-owned businesses and/or small businesses located in lower income areas in Lexington-Fayette County; and
WHEREAS, due to the popularity of, and the need for, the Program, many applicants did not receive funding from the first allocation of $2,500,000.00; and
WHEREAS, the Urban County Council desires to replenish funding for the Program by an additional $2,500,000.00 to help more local small businesses recover from the pandemic.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the preamble set forth following the title to this Resolution be and he...
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