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65.493 Development areas for tax increment financing -- Qualifications.

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Page 1 of 1 65.493 Development areas for tax increment financing -- Qualifications. (1) A county containing a city of the first class or a city of the first class may establish a development area for the purpose of creating a pilot program to utilize tax <br>increment financing or a grant program based upon the increment in state tax <br>revenues for the redevelopment and revitalization of these development areas within <br>their communities. (2) A development area in a county containing a city of the first class shall be located within ten (10) miles of the central business district of the largest city within the <br>county and shall be within one (1) mile of one (1) or more economic development <br>assets having employers, with at least one thousand (1,000) employees, who will <br>leverage and promote investment in the zone. (3) A development area in a county containing a city of the first class shall have adequate roads, sewers, water, rail service, and an interstate highway interchange <br>directly available. (4) At least fifty percent (50%) of a development area in a county containing a city of the first class, excluding roads, utility easements, and other infrastructure-related <br>improvements, shall be composed of land that is a brownfield site or other land <br>compatible for industrial or commercial uses to permit and facilitate redevelopment <br>and reuse of land in the development area compatible with the adjacent economic <br>development assets. Effective: July 14, 2000 <br>History: Created 2000 Ky. Acts ch. 326, sec. 3, effective July 14, 2000.