The City of Lexington is continuing its efforts to boost the number of jobs in the bluegrass community. Members of the City Council’s budget committee got an update on the government’s job fund program this week. It provides for straight loans and forgivable loans for businesses located in or moving to Fayette County. Administrative Officer Craig Bencz said there are salary-related requirements.
“They have to create jobs with average wages that are greater than or equal to 125% of the County median. The number that the board has currently adopted is 24 dollars. We expect this to go up in January or February when they review this again,” said Bencz.
The Lexington Jobs Fund was created in 2013 and $4.3 million have been allocated since then. More than 300 jobs have been committed carrying a payroll of almost $17 million.
The job incentive initiative carries an emphasis on advanced manufacturing, technology, professional shared services operations, and healthcare. Vice Mayor Dan Wu asked about any modification in those targets.
“Is there any eye on either changing or adding to the emphasis area to think about other industries because this is a program that was started ten years ago and things change,” said Wu.
Bencz said every two years the Economic Development Investment Board reviews the program guidelines. Companies can apply for up to $100,000 under a forgivable loan format or up to $250,000 for a straight loan.
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