Title
An Ordinance amending Ordinance No. 153-2013, as amended by Ordinance No. 187-2016, to remove reference to Grants; to provide that the Urban County Council may approve more than one loan per business; and clarifying that all Agreements must include provision(s) requiring the repayment of funds and imposing penalties in the event that the terms of the Agreement are not fulfilled; all effective upon date of passage. [Mayor's Office, Atkins]
Summary
Authorization to amend Ordinance No. 153-2013, as amended by Ordinance No. 187-2016, to remove reference to Grants, clarify interest rate requirements, and provide that the Urban County Council May approval more than one loan per business, and to update the Lexington Jobs Fund Policies and Guidelines, as recommended by the Economic Development Investment Board (EDIB). No Budgetary impact. (L0992-22)(Atkins)
Budgetary Implications: No
Advance Document Review:
Law: {Yes, Completed by [Evan Thompson, 9/27/2022]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted: N/A
Account Number: N/A
This Fiscal Year Impact: $N/A
Annual Impact: $N/A
Project:
Activity:
Budget Reference:
Current Balance:
Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That Section 2 of Ordinance No. 153-2013, as amended by Ordinance No. 187-2016, be amended to read as follows:
The purpose of the Program is to provide certain qualified businesses with local funding through loans, forgivable loans, or other Agreements in order to promote employment growth in Lexington-Fayette County. The Program is focused on attracting innovative businesses and promoting the expansion of existing businesses. Restaurant or retail components of a business are not qualified to receive funding.
Section 2 - That Section 6 of Ordinance No. 153-2013, as amended by Ordinance No. 187-2016, be amended to read as follows:
All funds awarded pursuant to the ...
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