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.
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SECTION 4.This Resolution shall be in full force and effect from and after
its adoption.
DATED this /D day of March, 2009.
ATTEST:
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Tammara S. Brock, City Clerk