154.1.010 Definitions for chapter.
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<![CDATA[154.01-010 Definitions for chapter. As used in this chapter, unless the context indicates otherwise: <br>(1) "Agribusiness" or "agricultural business entity" means any person, partnership, limited partnership, corporation, limited liability company, or any other entity <br>engaged in a business that processes raw agricultural products, including timber, or <br>provides value-added functions with regard to raw agricultural products; (2) "Approved business network" or "approved flexible industrial network" means a business network comprising three (3) or more business firms or industries which <br>have been identified as key industries and targeted by the state's strategic economic <br>development plan for special consideration and assistance by the agencies of the <br>Commonwealth; (3) "Authority" means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS 154.20-010; (4) "Board" means the Kentucky Economic Development Partnership, an administrative body within the meaning of KRS 12.010, and the governing body of <br>the Cabinet for Economic Development, as created and established in KRS 154.10-<br>010; (5) "Business network" or "flexible industrial network" means a formalized, collaborative mechanism organized by and operating among three (3) or more <br>industrial entities, business enterprises, or private sector firms for the purposes of, <br>but not limited to: pooling expertise; improving responses to changing technology <br>or markets; lowering the risks to individual entities of accelerated modernization; <br>encouraging new technology investments, new market development, and employee <br>skills improvement; and developing a system of collective intelligence among <br>participating entities; (6) "Cabinet" means the Cabinet for Economic Development as established under KRS 12.250, and governed by the Kentucky Economic Development Partnership; (7) "Commonwealth" means the Commonwealth of Kentucky; <br>(8) "Cost of a project" means the cost of the acquisition, construction, reconstruction, conversion, or leasing of any industrial, commercial, health care, agricultural, or <br>forestry enterprise, or any part thereof, to carry out the purposes and objectives of <br>this chapter, including but not limited to acquisition of land or interest in land, <br>buildings, structures, or other planned or existing planned improvements to land, <br>including leasehold improvements, machinery, equipment, or furnishings; working <br>capital; and administrative costs, including but not limited to engineering, <br>architectural, legal, and accounting fees which are necessary for the project; (9) "Local and regional economic development interest" means any local business or economic development interest, including but not limited to chambers of <br>commerce, business development associations, industrial development <br>organizations, area development districts, and public economic development <br>entities; (10) "Industrial entity" means any corporation, limited liability company, partnership, limited partnership, person, or any other legal entity, domestic or foreign, which will itself or through its subsidiaries or affiliates, engage in an industrial <br>improvement project in the Commonwealth; (11) "Industrial improvement project" means and includes the acquisition, construction, or implementation of new manufacturing, processing, or assembling facilities, <br>equipment, methods or processes, or improvements to or repair of existing <br>manufacturing, processing, or assembling facilities, equipment, methods, or <br>processes, including repair, restoration, or conversion of tobacco warehouses, as <br>well as improvements to the real estate upon which the facilities are located, and <br>includes any capital improvement to any existing facility, including any <br>restructuring, retooling, rebuilding, reequipping, or any other form of upgrading <br>such existing facility and equipment and any other improvements to such real estate, <br>existing facility, or manufacturing, processing, or assembling equipment, method, <br>or process; (12) "Key industry" means an industry or business within an industrial sector which has been identified in and targeted by the state's economic development strategic plan as <br>having major importance to the sustained economic growth of the Commonwealth <br>and in which member firms sell goods or services into markets for which national or <br>international competition exists, including but not limited to secondary forest <br>products manufacturing, agribusiness, and high technology and biotechnology <br>manufacturing and services; (13) "Military" and "defense" mean all military and defense installations, entities, activities, and personnel located, operating, or living in Kentucky; (14) "Municipality" means a county, city, village, township, development organization, an institution of higher education, a community or junior college, a subdivision or <br>instrumentality of any of the foregoing, or any entity created by two (2) or more <br>municipalities pursuant to the Interlocal Cooperation Act, KRS 65.210 to 65.300; (15) "Network broker" means a person who is trained to assist private sector firms to form business networks and make other similar efforts to provide for joint <br>manufacturing, marketing, technology development, information dissemination, and <br>other activities; (16) "Non-appropriation-supported bond" means any long-term financial borrowing instrument for which regular debt service does not originate from an appropriation <br>of the General Assembly; (17) "Non-appropriation-supported note" means any short-term financial borrowing instrument for which loan payments do not originate from an appropriation of the <br>General Assembly; (18) "Person" means an individual, partnership, joint venture, military facility operated by a department or agency of the United States, profit or nonprofit corporation <br>including a public or private college or university, limited liability company, or <br>other entity or association of persons organized for agricultural, commercial, health <br>care, or industrial purposes; or a public utility or local industrial development <br>corporation; (19) "Private sector" means any source other than the authority, a state or federal entity, or an agency thereof; (20) (a) "Project" means an endeavor approved by the cabinet or authority and related to industrial, manufacturing, mining, mining reclamation for economic <br>development, commercial, health care, or agricultural enterprise. (b) "Project" shall include but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment; <br>equipment or facilities designed to produce energy from renewable resources; <br>research parks; office facilities; engineering facilities; research and <br>development laboratories; repair, restoration, or conversion of tobacco <br>warehouses for an economic development or commercial use; warehousing <br>facilities; parts distribution facilities; depots or storage facilities; port <br>facilities; railroad facilities, including trackage, right-of-way, and <br>appurtenances; airports and airport renovation; water and air pollution control <br>equipment or waste disposal facilities; tourist facilities; theme or recreational <br>parks; health care and health related facilities; farms, ranches, forests, and <br>other agricultural or forestry commodity producers; agricultural harvesting, <br>storage, transportation, or processing facilities or equipment; grain elevators; <br>shipping heads and livestock pens; livestock; wharves and dock facilities; <br>water, electricity, hydroelectric, coal, petroleum, or natural gas provision <br>facilities; dams and irrigation facilities; sewage, liquid, and solid waste <br>collection, disposal treatment, and drainage services and facilities. (c) Except for airport-related facilities and tax increment financing projects approved under Subchapter 30 of this chapter, "project" shall not include that <br>portion of an endeavor devoted to the sale of goods at retail or that portion of <br>an endeavor devoted to housing which does not consist of the manufacture of <br>housing; (21) "Reclamation development fund" means the fund administered by the Kentucky Economic Development Finance Authority to foster economic development on <br>surface mining land; (22) "Reclamation development project" means only that reconditioning of land affected by surface mining, which will directly promote and benefit an economic <br>undertaking which constitutes a project under subsection (20) of this section; (23) "Reclamation development plan" means a plan submitted to the Energy and Environment Cabinet to show compliance with reclamation standards, and <br>submitted to the Kentucky Economic Development Finance Authority to seek <br>moneys from the reclamation development fund for a reclamation development <br>project; (24) "Secretary" means the chief executive officer and secretary of the Cabinet for Economic Development; (25) "State" means the Commonwealth of Kentucky; and <br>(26) "Tax revenues" means any revenues received by the Commonwealth directly or indirectly as a result of the industrial improvement project, including state corporate income taxes, the limited liability entity tax imposed by KRS 141.0401, state <br>income taxes paid by employees who work in the project, state property taxes, state <br>corporation license taxes, or state sales and use taxes. Effective: July 15, 2010 <br>History: Amended 2010 Ky. Acts ch. 24, sec. 191, effective July 15, 2010. -- Amended 2008 Ky. Acts ch. 178, sec. 24, effective July 15, 2008. -- Amended 2006 (1st Extra. <br>Sess.) Ky. Acts ch. 2, sec. 39, effective June 28, 2006. -- Amended 2006 Ky. Acts <br>Ch. 84, sec. 1, effective July 12, 2006; and ch. 149, sec. 207, effective July 12, 2006. <br>-- Amended 1996 Ky. Acts ch. 113, sec. 6, effective July 15, 1996; and ch. 194, <br>sec. 13, effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 390, sec. 1, effective <br>July 15, 1994. </p>
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