HomeMy WebLinkAboutMO #2238MUNICIPAL ORDER 2238
A MUNICIPAL ORDER AUTHORIZING THE CITY MANAGER TO
MAKE A MONETARY CONTRIBUTION FOR ECONOMIC DEVELOPMENT TO
SPROCKET, INC, IN THE AMOUNT OF $150,000, TO BE USED AS LOCAL
MATCHING FUNDS FOR THE KENTUCKY CABINET FOR ECONOMIC
DEVELOPMENT'S INNOVATION OFFICE REGIONAL INNOVATION FOR
STARTUPS AND ENTREPRENEURS (RISE) PROGRAM
BE IT ORDERED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. That the City Manager is hereby authorized to make a cash
contribution to Sprocket, INC to be solely applied as a qualified local match for the
Kentucky Cabinet for Economic Development's Innovation Office RISE CapX Grant in
the amount of $150,000 payable in one lump sum installment, upon receipt of
documented evidence that the RISE CapX Grant was successfully issued to Sprocket, Inc.
for the creation of 8,000 square feet of co -working and business start-up incubator maker
space within their facility located at 3121 Broadway in Paducah, Kentucky.
SECTION 2. The RISE CapX Grant will be used for both construction of
and the furnishing of the maker space located in the undeveloped warehouse space of the
former Coca-Cola plant.
SECTION 3. This expenditure shall be charged to the Economic
Development Reserve in the Investment Fund.
SECTION 4. This Municipal Order shall be effective from and after the
date of its adoption.
Brandi Harless, or
ATTEST:
ndsay Parish, C' Clerk
Adopted by the Board of Commissioners, May 14, 2019
Recorded by Lindsay Parish, City Clerk, May 14, 2019
\mo\Sprocket — Local Matching Funds for RISE CapX Grant