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HomeMy WebLinkAbout AEP KDJA IncentiveRESOLUTION WHEREAS, the City of Paducah, Kentucky supports economic development; and WHEREAS, AEP Rivers Operations LLC is a valued and leading local marine company; and WHEREAS, AEP River Operations LLC committed to expand its existing operation in Paducah, KY; and WHEREAS, AEP River Operations LLC is planning to build a 24,000sq. ft. office building at the corner of Marine Way and Oscar Cross St; and WHEREAS, AEP River Operations LLC expects to occupy the new office building in the 2"d or 3~d quarter of 2010; and WHEREAS, AEP River Operations LLC currently employs 13 people in Paducah; and WHEREAS, AEP River Operations LLC projects to employ 75 people in Paducah; and WHEREAS, AEP River Operations LLC successfully applied for the Kentucky Jobs Development Act (KJDA) authorized by the Kentucky Economic Development Finance Authority; and WHEREAS, in order for AEP River Operations LLC to receive the maximum amount of incentives from the state, a local match must be provided; THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH, KENTUCKY: SECTION 1. That the City of Paducah, Kentucky commits to waive one- half of the City's 2 percent occupational license fee as new jobs are created for a period of 10 years as the required match for the Kentucky Cabinet for Economic Development Act KDJA incentive and as authorized and approved by Kentucky Economic Development Finance Authority (KEDFA) and thus allowing AEP River Operations LLC to receive the maximum state benefit. SECTION 2. As a candidate of the City's match commitment, AEP River Operations LLC will commit to provide the City's Finance Director an annual copy of the company's Kentucky Department of Revenue Schedule KJDA-T, Annual KJDA Report and all other relevant forms the company submits to the Kentucky Department of Revenue pertaining to the KJDA Incentive so that the City can confirm that the conditions of the occupational license fee waiver continues to be met. SECTION 3. That the Mayor of the City of Paducah, Kentucky, is authorized to sign the grant application, statement of assurances and any and all other documents necessary for the submission of the application and development of the project. - - , , - , ~-- - ,, - ,- , _, r , SECTION 4.This Resolution shall be in full force and effect from and after its adoption. DATED this /D day of March, 2009. ATTEST: Ja Tammara S. Brock, City Clerk