Find Legal Information

65.696 Development area grant contract -- Required provisions.

Download pdf

Page 1 of 1 65.696 Development area grant contract -- Required provisions. For any development area for which increments do not include revenues from the <br>Commonwealth: <br>(1) Upon establishment of a development area, any city or county may release, by a grant contract with any other city or county, increments expected to be collected by <br>that city or county in the related development area for a period that does not extend <br>beyond the termination date. (2) The grant contract shall include the following provisions: (a) The identity of each city and county participating in the financing agreement; <br>(b) A detailed description of each project that is the subject of the grant contract, including an estimate of its costs of construction or acquisition and <br>development; (c) A detailed description of the development area; <br>(d) A detailed summary estimating old revenues collected and projected new revenues in the development area for each city and county that is a party to the <br>grant contract, on an annual basis, for the term of the proposed grant contract; (e) The maximum amount of increments to be released by the parties to the grant contract, if any, and the maximum number of years the release will be <br>effective, including an agreement to deposit the increments in a special fund <br>created for that purpose, which, if any increment bonds are to be issued, shall <br>be held by the issuer of the increment bonds; (f) The times and procedures for depositing increments and other funds, if any, in the special fund to be established for the development area and any provisions <br>relating to the collection of the increments; (g) Any covenants regarding additional funds or to pay the costs of the projects; <br>(h) Any covenants regarding completion of the project; <br>(i) Terms of default and remedies, except that no remedy shall permit the withholding by any party to the grant contract of any increments to be <br>deposited in the special fund identified in the grant contract so long as any <br>increment bonds are outstanding that are secured by a pledge of those <br>increments; (j) The commencement date; <br>(k) The termination date; and <br>(l) Any other provisions not inconsistent with KRS 65.680 to 65.699 that are deemed necessary or appropriate by the parties to the grant contract. Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 338, sec. 13, effective July 15, 2002. -- Created 2000 Ky. Acts ch. 358, sec. 9, effective July 14, 2000.