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HomeMy WebLinkAbout2011-10-7874ORDINANCE NO. 2011-10-7874 AN ORDINANCE OF THE CITY OF PADUCAH, KENTUCKY, APPROVING A MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY OF PADUCAH, KENTUCKY AND ENTREPADUCAH FOR THE DEVELOPMENT OF A SMALL �r BUSINESS INCENTIVE PLAN AND AUTHORIZING THE MAYOR TO EXECUTE SAID MEMORANDUM OF UNDERSTANDING WHEREAS, there is a need to stimulate local job growth in Paducah, and it is believed that financial incentives can make a difference in decisions involving small business startups; and WHEREAS, EntrePaducah was established for the purpose of creating a favorable environment for entrepreneurial activity in Paducah through various forms of guidance and support; and WHEREAS, the City of Paducah and EntrePaducah have collaborated in the development of a Small Business Incentive Plan to be administered by EntrePaducah with funding from the City of Paducah, EntrePaducah and other partners; NOW, THEREFORE, the City Commission desires to endorse the Small Business Incentive Plan with the following understanding of the City's role and involvement in funding for the Plan and for the operation and administration of the plan by Entre Paducah BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF PADUCAH, KENTUCKY, AS FOLLOWS: SECTION 1. Recitals and Authorization. The City hereby approves the Memorandum of Understanding between EntrePaducah and the City in substantially the form attached hereto as Exhibit A and made part hereof. It is further determined that it is necessary and desirable and in the best interests of the City to enter into the MOU for the purposes therein specified, and the execution and delivery of the MOU is hereby authorized and approved. The Mayor of the City is hereby authorized to execute the Memorandum of Understanding. SECTION 2. Severability. If any section, paragraph or provision of this Ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such section, paragraph or provision shall not affect any of the remaining provisions of this Ordinance. SECTION 3. Compliance With Open Meetings Laws. The City Commission hereby finds and determines that all formal actions relative to the adoption of this Ordinance were taken in an open meeting of this City Commission, and that all deliberations of this City Commission and of its committees, if any, which resulted in formal action, were in meetings open to the public, in full compliance with applicable legal requirements. SECTION 4. Conflicts. All ordinances, resolutions, orders or parts thereof in conflict with the provisions of this Ordinance are, to the extent of such conflict, hereby repealed and the provisions of this Ordinance shall prevail and be given effect. -. SECTION 5. Effective Date. This Ordinance shall be read on two separate days and will become effective upon summary publication pursuant to KRS Chapter 424. ATTEST: Tammara S. Brock, City Clerk Introduced by the Board of Commissioners, October 11, 2011 Adopted by the Board of Commissioners, October 25, 2011 Recorded by Tammara S. Brock, City Clerk, October 25, 2011 Published by The Paducah Sun, October 29, 2011 Ord/mou-entrepaducah small business incentive plan EXHIBIT A MEMORANDUM OF UNDERSTANDING This is a Memorandum of Understanding between ENTREPADUCAH, whose address is 401 Kentucky Avenue, Paducah, Kentucky, and the CITY OF PADUCAH, KENTUCKY, a municipal corporation of the second class and a body politic and corporate, who address is P. O. Box 2267, Paducah, KY 42002-2267. WHEREAS, there is a need to stimulate local job growth in Paducah, and it is believed that financial incentives can make a difference in decisions involving small business startups; and WHEREAS, EntrePaducah was established for the purpose of creating a favorable environment for entrepreneurial activity in Paducah through various forms of guidance and support; and WHEREAS, the City of Paducah and EntrePaducah have collaborated in the development of a Small Business Incentive Plan to be administered by EntrePaducah with funding from the City of Paducah, EntrePaducah and other partners; NOW, THEREFORE, the City Commission does hereby endorse the Small Business Incentive Plan with the following understanding of the City's role and involvement in funding for the Plan and for the operation and administration of the plan by EntrePaducah 1. The Small Business Incentive Plan is endorsed in the form that it was presented to the City Commission on September 13, 2011. It is recognized and agreed that the Plan may be amended and refined from time to time and that in all instances such changes will be made only with prior written consent of the City of Paducah. 2. The City of Paducah will provide an initial budget of $45,000 to Entre -Paducah for the Plan to be administered for the remainder of the FY2011-2012. Beginning with FY2012- 2013, the City of Paducah will consider an annual appropriation for the Plan in an amount not to exceed $60,000. The initial appropriation will be drawn from the Economic Development Incentive appropriation within the Investment Fund, and will appear as a separate line item in the City Budget. 3. EntrePaducah will issue a Report to the City at the end of each calendar quarter. The Report will include, at a minimum, details regarding new program applications and disbursements. EntrePaducah may request reimbursement in writing for eligible program disbursements. The City shall retain all Plan funds until requested in writing by EntrePaducah for a qualified participant. At no time will funds retained by the City or held by EntrePaducah exceed $60,000. 4. Should any monies be returned to EntrePaducah under claw -back provisions of contracts awarding funds from the Plan, such will be reported to the City in the quarterly reporting outlined in Paragraph 3, and will be allowed to be retained by EntrePaducah for future disbursement under the Plan. 5. The Plan as it exists is of the date of this Agreement is attached a made a part of this MOU. 6. The City Manager of the City of Paducah and the Executive Director of EntrePaducah are recognized as the representatives of the parties to this MOU for all matters related to administration of the Small Business Incentive Plan. IN WITNESS WHEREOF, the parties hereto have set their hands. ENTREPADUCAH CITY OF PADUCAH, KENTUCKY M. Title: Date: M. Title: Date: