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File #: R-124-20    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/5/2020 In control: Labor and Economic Development Committee
On agenda: 10/22/2020 Final action: 10/22/2020
Title: A RESOLUTION APPROVING THE GRANTING OF LOCAL INCENTIVES TO VR VERTICAL, LLC AND ANY SUBSEQUENT ASSIGNEES OR APPROVED AFFILIATES THEREOF PURSUANT TO KRS CHAPTER 154, SUBCHAPTER 32.
Sponsors: David Yates (D-25), Anthony Piagentini (R-19)
Attachments: 1. R-124-20 V.1 100820 LOCAL INCENTIVES - VR VERTICAL, LLC.pdf, 2. OFFICE OF THE MAYOR.pdf, 3. Sonic Electronix, Inc.-Board Summary (1).pdf, 4. RES 102 2020.pdf
RESOLUTION NO.______, SERIES 2020
TITLE
A RESOLUTION APPROVING THE GRANTING OF LOCAL INCENTIVES TO VR VERTICAL, LLC AND ANY SUBSEQUENT ASSIGNEES OR APPROVED AFFILIATES THEREOF PURSUANT TO KRS CHAPTER 154, SUBCHAPTER 32.
BODY
SPONSORED BY: COUNCIL MEMBERS YATES AND PIAGENTINI

WHEREAS, the Legislative Council of the Louisville/Jefferson County Metro Government (the "Council") finds that it is a legitimate public purpose of the Louisville/Jefferson County Metro Government ("Metro") to undertake activities for the purpose of attracting and retaining jobs for residents of this community;
WHEREAS, the Kentucky General Assembly in 2009 enacted KRS 154.32-010 to 154.32-100 (the "Act") establishing the Kentucky Business Investment Program (the "KBI Program") for the purpose of encouraging the development and expansion of the service and technology industry in Kentucky;
WHEREAS, the KBI Program provides state incentives to businesses which locate or expand in the Commonwealth, including regional or national headquarters, thus creating and preserving jobs for Kentuckians;
WHEREAS, the KBI Program encourages local governments to participate in these incentives for businesses within their jurisdictions;
WHEREAS, the Council finds that offering the local incentives authorized by KBI Program for the purpose of attracting and retaining businesses is in furtherance of the public purposes of Metro and will benefit Metro by creating new sources of tax revenue for the support of the public services provided by Metro;
WHEREAS, the California corporation Sonic Electronix, Inc. has applied for the benefits authorized under the KBI Program to relocate its headquarters to Louisville, KY so that the operational center for its online consumer electronics retail business will be closer to its distribution facility; and
WHEREAS, Sonic Electronix, Inc. intends to operate its business as a Kentucky domestic limited liability company named VR Vertical, LLC, and has und...

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