154.25.010 Definitions for subchapter.
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<![CDATA[ Page 1 of 3 154.25-010 Definitions for subchapter. As used in this subchapter, unless the context clearly indicates otherwise: <br>(1) "Activation date" means a date selected by an approved company and set forth in the jobs retention agreement at any time within a three (3) year period after the date <br>of final approval of the agreement by the authority upon which the required <br>investment shall be made and the jobs retention project completed; (2) "Agreement" means a jobs retention agreement entered into pursuant to KRS 154.25-030 on behalf of the authority and an approved company with respect to a <br>jobs retention project; (3) "Approved company" means any eligible company approved by the authority pursuant to KRS 154.25-030 for a jobs retention project; (4) "Approved costs" means that portion of the eligible costs approved by the authority that an approved company may recover through the inducements authorized by KRS <br>154.25-030, being a percentage of eligible costs as approved by the authority; (5) "Assessment" means the wage assessment fee authorized by KRS 154.25-040; <br>(6) "Authority" means the Kentucky Economic Development Finance Authority created by KRS 154.20-010; (7) "Commonwealth" means the Commonwealth of Kentucky; <br>(8) "Eligible company" means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or any other entity <br>designated by the United States Department of Commerce, United States Census <br>Bureau North American Industry Classification System Code of 336211, 336111, <br>336112, or 336120 that is within the jurisdiction of a consolidated local government <br>containing a city of the first class, employs a minimum of one thousand (1,000) full-<br>time persons engaged in manufacturing, has been operating within the <br>Commonwealth on a continuous basis for at least five (5) years preceding the <br>request for approval by the authority of the project which meets the standards set <br>forth in KRS 154.25-020, and that has been previously approved for economic <br>development incentives from the Commonwealth related to one (1) or more of its <br>facilities; (9) "Eligible costs" means: (a) Obligations incurred for labor and to vendors, contractors, subcontractors, builders, suppliers, deliverymen, and materialmen in connection with the <br>acquisition, construction, equipping, rehabilitation, and installation of a jobs <br>retention project; (b) The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of a jobs retention project which is not paid by <br>the vendor, supplier, deliveryman, contractor, or otherwise provided; (c) All costs of architectural and engineering services, including estimates, plans and specifications, preliminary investigations, and supervision of construction, <br>rehabilitation, and installation, as well as for the performance of all the duties Page 2 of 3 required by or consequent upon the acquisition, construction, equipping, <br>rehabilitation, and installation of a jobs retention project; (d) All costs required to be paid under the terms of any contract for the acquisition, construction, equipping, rehabilitation, and installation of a jobs <br>retention project; (e) All costs required for the installation of utilities, including but not limited to water, sewer, sewer treatment, gas, electricity, communications, and railroads, <br>and including off-site construction of the facilities paid for by the approved <br>company; and (f) All other costs comparable with those described above; (10) "Final approval" means the action taken by the authority authorizing the eligible company to receive inducements under this subchapter; (11) "Inducements" means the Kentucky tax credit and the wage assessment fee as prescribed in KRS 154.25-030 and 154.25-040; (12) "Jobs retention project" or "project" means the acquisition, construction, and installation of new equipment and, with respect thereto, the construction, <br>rehabilitation, and installation of improvements to facilities necessary to house the <br>acquisition, construction, and installation of new equipment, including surveys; <br>installation of utilities, including water, sewer, sewage treatment, gas, electricity, <br>communications, and similar facilities; off-site construction of utility extensions to <br>the boundaries of the real estate on which the facilities are located; and shall contain <br>eligible costs of not less than one hundred million dollars ($100,000,000), all of <br>which are utilized to improve the economic and operational situation of an <br>approved company to allow the approved company to reinvest in its operations and <br>retain a significant number of existing jobs within the Commonwealth; (13) "Kentucky gross profits" means Kentucky gross profits as defined in KRS 141.0401; (14) "Kentucky gross receipts" means Kentucky gross receipts as defined in KRS 141.0401; (15) "Manufacturing" means any activity involving the manufacturing, processing, assembling, or production of any property, including the processing that results in a <br>change in the condition of the property and any related activity or function, together <br>with the storage, warehousing, distribution, and related office facilities; (16) "Preliminary approval" means the action taken by the authority conditioning final approval by the authority upon satisfaction by the eligible company of the <br>requirements under this subchapter; (17) "Supplemental project" means a second jobs retention project proposed by the approved company or its affiliate during the term of a jobs retention project which <br>may be included in the jobs retention agreement by way of amendment and which <br>may result in increased inducements and an extension of the original project term; <br>and (18) "Transferred credits" means unused approved costs as determined by the Department of Revenue from a previously approved, independent, active project Page 3 of 3 under a different incentive program governed by the Cabinet for Economic <br>Development that may be transferred to a jobs retention project and used by the <br>approved company pursuant to a jobs retention agreement. Effective: March 23, 2007 <br>History: Created 2007 Ky. Acts ch. 91, sec. 1, effective March 23, 2007. ]]>