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154.20.210 Agreement between authority and approved company.

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154.20-210 Agreement between authority and approved company. Before any approved company is granted inducements as provided in KRS 154.20-200 to <br>154.20-216, an agreement with respect to the company's economic development project <br>shall be entered into between the authority and the approved company. The terms and <br>provisions of the agreement, including the amount of approved expenses and the <br>maximum inducement, shall be determined by negotiations between the authority and the <br>approved company, except that each agreement shall include the following provisions: <br>(1) The term of an agreement shall not be longer than eighteen (18) months from the date of approval of the company. The agreement may be extended by the authority <br>an additional twelve (12) months for good cause shown by approval of the authority <br>and notation upon the face of the agreement. The authority shall notify the <br>Department of Revenue of any such extension; and (2) The agreement shall include: (a) A description of the project for which the inducements have been authorized; <br>(b) A description of the authorized expenses; <br>(c) The total inducements allowed for the project, not to exceed the amount negotiated by the authority and the company; and (d) A provision that the inducements are not assignable without written notice to the authority before any assignment is made. Effective: March 18, 2005 <br>History: Created 2005 Ky. Acts ch. 168, sec. 41, effective March 18, 2005. <br>Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165, provides that this section shall apply to tax years beginning on or after January 1, <br>2005. Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to <br>agencies and officers whose names have been changed in 2005 legislation confirming <br>the reorganization of the executive branch. Such a correction has been made in this <br>section.