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65.7057 Permitted sources for local funding for redevelopment assistance or projects -- Special assessments -- Local participation agreement required.

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Page 1 of 1 65.7057 Permitted sources for local funding for redevelopment assistance or projects -- Special assessments -- Local participation agreement required. (1) To provide funding for redevelopment assistance or projects in a development area or projects in a local development area: <br>(a) Any taxing authority may, in addition to any other pledge permitted by law to secure its obligations, pledge up to one hundred percent (100%) of the <br>incremental local tax revenues generated in the development area or local <br>development area or from a project within the development area or local <br>development area for up to thirty (30) years from the activation date; (b) The amount of incremental revenues shall be determined for each type of tax separately; and (c) Local tax revenues from a development area that have not been pledged to support redevelopment assistance or projects within the development area, or <br>from a local development area that have not been pledged to support projects <br>within the local development area, may be used to support other economic <br>development projects, provided that local tax revenues shall not be pledged <br>more than once. Thus, local tax revenues pledged to support increment bonds <br>issued for the development area or local development area shall not also be <br>pledged to support a specific project within the development area or local <br>development area, and those revenues shall not be pledged to support any <br>other program, development, or undertaking. (2) Any city may pledge revenues collected under a special assessment imposed under KRS 91A.200 to 91A.290 to support projects or the provision of redevelopment <br>assistance within a development area, or to support projects within a local <br>development area, and may pledge revenues collected from the assessment to <br>support increment bonds. (3) Any county may levy a special assessment under the terms and conditions established for cities under KRS 91A.200 to 91A.290 to support projects or the <br>provision of redevelopment assistance within a development area, or to support <br>projects within a local development area, and may pledge revenues collected from <br>the assessment to support increment bonds. (4) Any city, county, or combination of cities and counties establishing a development area or a local development area may pledge revenues collected pursuant to the <br>occupational license fee permitted by KRS 65.7056. (5) Any pledge of incremental revenues or other revenues related to a development area by a taxing district shall be accomplished through the execution of a local <br>participation agreement in accordance with KRS 65.7063. (6) Any pledge of incremental revenues or other revenues related to a local development area by a taxing district shall be accomplished through the execution <br>of a local development area agreement in accordance with KRS 65.7047. Effective: July 15, 2008 <br>History: Amended 2008 Ky. Acts ch. 178, sec. 7, effective July 15, 2008. -- Created 2007 Ky. Acts ch. 95, sec. 9, effective March 23, 2007.