HomeMy WebLinkAboutMO #2271MUNICIPAL ORDER NO. 2271
A MUNICIPAL ORDER AUTHORIZING THE CITY MANAGER TO
MAKE A MONETARY CONTRIBUTION FOR ECONOMIC DEVELOPMENT TO
SPROCKET, INC, IN THE AMOUNT OF $50,000, TO BE USED AS ADDITIONAL
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 an
additional $50,000 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 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. With the additional $50,000
cash contribution Paducah's total contribution from Fiscal Year 2019 and Fiscal Year
2020 will be $200,000.
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 $50,000 expenditure shall be charged to 24000401
523070 Other Contractual Service (Set Aside Reserve for Economic Development
Incentives) in the Investment Fund.
SECTION 4. This Municipal Order shall be effective from and after the
date of its adoption.
Mayor
AT EST:
r
indsay Paris ity Clerk
Adopted by the Board of Commissioners, August 13, 2019
Recorded by Lindsay Parish, City Clerk, August 13, 2019
\mo\Sprocket — Local Matching Funds for RISE CapX Grant $50,000 Addition