Title
A Resolution authorizing the Mayor, on behalf of the Urban County Government, pursuant to the JOBS Fund Program, to execute a ten (10) year Loan Agreement and related documents with Space Tango, LLC, in an amount not to exceed $250,000, for the creation and retention of at least sixteen (16) new jobs with an average hourly wage of at least $49.50, exclusive of benefits. [Mayor's Office, Atkins]
Summary
Authorization to execute a Lexington JOBS Fund Incentive Agreement with Space Tango, LLC in the amount of $250,000 for the creation of at least sixteen (16) new full-time jobs at a mean hourly wage of at least $49.50. Funds are Budgeted. (L0990-22)(Atkins)
Budgetary Implications: Yes
Advance Document Review:
Law: {Yes, Completed by [Evan Thompson, 9/26/22]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: Yes
Account Number: 1144-136101-0001-78103
This Fiscal Year Impact: $250,000
Annual Impact: $N/A
Project:
Activity:
Budget Reference:
Current Balance: $1,208,985.36
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, pursuant to the Jobs Fund Program, be and hereby is authorized to execute a ten (10) year Loan Agreement, which is attached hereto and incorporated by reference, and any related documents, with Space Tango, LLC, in an amount not to exceed $250,000.00, for the creation and retention of at least sixteen (16) new jobs with an average hourly wage of at least $49.50, exclusive of benefits.
Section 2 -That an amount, not to exceed the sum of $250,000.00, be and hereby is approved for payment to Space Tango, LLC, from account # 1144-136101-0001-78103, pursuant to the terms of the Loan Agreement and any related documents.
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
0990-22:EPT:X:\CASES\MOED\22-LE0003\LEG\00767010.DOCX