65.490 Definitions for KRS 65.490 to 65.499.
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65.490 Definitions for KRS 65.490 to 65.499.
As used in KRS 65.490 to 65.499, unless the context otherwise requires: <br>(1) "Agency" means an urban renewal and community development agency of a taxing
district located within a county containing a consolidated local government or a city <br>of the first class, established under KRS Chapter 99; a development authority <br>located within a county containing a consolidated local government or a city of the <br>first class established under KRS Chapter 99; a nonprofit corporation located within <br>a county containing a consolidated local government or a city of the first class; or a <br>designated department, division, or office of a county containing a consolidated <br>local government or of a city of the first class;
(2) "Development area" means an area no less than one (1) square mile, nor more than
six (6) square miles, designated in need of public improvements by a local or state <br>government in a county containing a consolidated local government or a city of the <br>first class, a project area as defined in KRS 99.615, or a public project as defined in <br>KRS 58.010 in a county containing a consolidated local government or a city of the <br>first class. "Development area" includes an existing economic development asset;
(3) "Increment" means that amount of money received by any taxing district or the state
that is determined by subtracting the amount of old revenues from the amount of <br>new revenues in any year for which a taxing district or the state and an agency have <br>agreed upon under the terms of a contract of release or a grant contract;
(4) "Local government" means a county containing a consolidated local government or
a city of the first class;
(5) "New revenues" means the revenues received by any taxing district or the state from
a development area in any year after the establishment of the development area;
(6) "Old revenues" means the amount of revenues received by any taxing district or the
state from a development area in the last year prior to the establishment of the <br>development area;
(7) "Project" means any urban renewal, redevelopment, or public project undertaken in
accordance with the provisions of KRS 65.490 to 65.497, any project undertaken in <br>accordance with KRS 99.610 to 99.680, any project undertaken in accordance with <br>the provisions of KRS Chapter 58, or any "public project" as that term is defined in <br>KRS 58.010 undertaken by a nonprofit corporation located within a county <br>containing a consolidated local government or a city of the first class;
(8) "Release" or "contract of release" or "grant contract" means that agreement by
which a taxing district or the state permits the payment to an agency of a portion of <br>increments or an amount equal to a portion of increments received by it in return for <br>the benefits accrued to the taxing district or the state by reason of a project <br>undertaken by an agency in a development area;
(9) "Taxing district" means a consolidated local government, a county containing a city
of the first class, a city of the first class that encompasses all or part of a <br>development area, or the state, but does not mean a school district; and
(10) "Pilot program" means a tax increment financing program or a grant program
created by an agency within a consolidated local government or a county containing
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a city of the first class which shall exist for a period of twenty (20) years after which <br>time it shall continue only after reauthorization by the General Assembly.
Effective: April 25, 2006 <br>History: Amended 2006 Ky. Acts ch. 252, Pt. XXX, sec. 1, effective April 25, 2006. --
Amended 2002 Ky. Acts ch. 346, sec. 30, effective July 15, 2002. -- Created 2000 <br>Ky. Acts ch. 326, sec. 1, effective July 14, 2000.
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