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Council approves MOU with EDA to launch fire‑suppression incentive loan program
Summary
Lexington City Council unanimously approved a memorandum of understanding with the Economic Development Authority to implement a $250,000 incentive loan program encouraging installation of fire‑suppression systems in underused commercial properties.
Lexington City Council on May 1 approved a memorandum of understanding with the city’s Economic Development Authority (EDA) to implement a fire‑suppression incentive loan program aimed at encouraging sprinkler installation in underutilized or vacant commercial spaces.
The council approved an MOU and related loan and security documents drafted by the city attorney that define the parameters of an EDA‑administered program. The council previously set aside $250,000 for the program in October; under the approved arrangement, the EDA will operate the incentive loan program and make decisions about application review, credit checks, title searches and security (for example, personal guarantees and deeds of trust) as needed.
City Attorney Jeremy (surname in transcript) reported he prepared a draft loan agreement, promissory note, deed of trust and related forms for the EDA to use. City Manager Tom Carroll noted that at least three property owners had expressed interest. Council members said the program will help activate vacant space and spur economic activity; the EDA will administer program details and applications following the MOU.
The council voted unanimously to approve the MOU. The EDA will finalize application materials, determine underwriting requirements, and begin accepting applications; staff and the EDA will report to council as the program advances.
