Lexington is now one of two Kentucky cities with its own economic development fund to keep and attract jobs. The Urban County Council last week approved the creation of the Lexington Jobs Fund. The $1 million fund would be used for grants and loans to help create jobs at existing businesses and attract research and high-tech jobs to the state's second-largest city.
If a company did not perform as promised and did not create the jobs it said it would, the company would have to repay money, commonly called a "claw back." The loans or grants can be only 10 percent of the company's total financing. The loans are for up to $250,000.
Under the proposal, the fund would be overseen by the city's chief development officer and an economic development board. The Urban County Council would have final approval of any loan or grant. The city expects to start receiving applications in February or March.