154.26.010 Definitions for Subchapter 26 of KRS Chapter 154.
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<![CDATA[154.26-010 Definitions for Subchapter 26 of KRS Chapter 154. As used in this subchapter, unless the context clearly indicates otherwise: <br>(1) "Agreement" means a revitalization agreement entered into, pursuant to KRS 154.26-090, on behalf of the authority and an approved company with respect to an <br>economic revitalization project; (2) "Agribusiness" means any activity involving the processing of raw agricultural products, including timber, or the providing of value-added functions with regard to <br>raw agricultural products; (3) "Appropriation agreement" means an agreement entered into, pursuant to KRS 154.26-090(1)(f)2., among the approved company, the authority, and local <br>governmental entities with respect to appropriations by these local governmental <br>entities for the benefit of the approved company; (4) "Approved company" means any eligible company approved by the authority pursuant to KRS 154.26-080 requiring an economic revitalization project; (5) "Approved 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 an <br>economic revitalization project; (b) The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of acquisition, construction, equipping, <br>rehabilitation, and installation of an economic revitalization project which is <br>not paid by the vendor, supplier, deliveryman, contractor, or otherwise <br>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 <br>required by or consequent upon the acquisition, construction, equipping, <br>rehabilitation, and installation of an economic revitalization project; (d) All costs required to be paid under the terms of any contract for the acquisition, construction, equipping, rehabilitation, and installation of an <br>economic revitalization 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; (6) "Assessment" means the job revitalization assessment fee authorized by KRS 154.26-100; (7) "Authority" means the Kentucky Economic Development Finance Authority created by KRS 154.20-010; (8) "Commonwealth" means the Commonwealth of Kentucky; (9) "Economic revitalization project" or "project" means the acquisition, construction, equipping, and rehabilitation of machinery and equipment, constituting fixtures or <br>otherwise, and with respect thereto, the construction, rehabilitation, and installation <br>of improvements of facilities necessary or desirable for the acquisition, <br>construction, installation, and rehabilitation of the machinery and equipment, <br>including surveys; installation of utilities, including water, sewer, sewage treatment, <br>gas, electricity, communications, and similar facilities; and off-site construction of <br>utility extensions to the boundaries of the real estate on which the facilities are <br>located, all of which are utilized to improve the economic situation of the approved <br>company to allow the approved company to remain in operation and retain or create <br>jobs or to resume operations in the case of closed facilities as provided in <br>subsection (10)(b) of this section; (10) "Eligible company" means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or any other entity: <br>(a) Employing or intending to employ full-time a minimum of twenty-five (25) persons engaged in manufacturing or agribusiness operations at the same <br>facility, whether acquired, owned, or leased, located and operating within the <br>Commonwealth on a permanent basis for a reasonable period of time <br>preceding the request for approval by the authority of an economic <br>revitalization project, including facilities where manufacturing or agribusiness <br>operations has been temporarily suspended and which meets the standards <br>promulgated by the authority pursuant to KRS 154.26-080; or (b) Having or, in the case of closed facilities, intending, raw production of at least three (3) million tons of coal mined from the economic revitalization project <br>facility and employing or, in the case of closed facilities, intending to employ, <br>a minimum of five hundred (500) persons engaged in coal mining and <br>processing operations at facilities, whether owned or leased, located and <br>operating within the Commonwealth on a permanent basis for a reasonable <br>period of time preceding the request for approval by the authority of an <br>economic revitalization project, including facilities on or adjacent to where <br>coal mining and processing operations have been closed, temporarily <br>suspended, or severely reduced, and which meets the standards promulgated <br>by the authority under KRS 154.26-080; (11) "Final approval" means the action taken by the authority authorizing the eligible company to receive inducements under this subchapter; (12) "Inducements" means the Kentucky tax credit and the job revitalization assessment fee as prescribed in KRS 154.26-090 and 154.26-100; (13) "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; (14) "Coal mining and processing" means activities resulting in the eligible company being subject to the tax imposed by KRS Chapter 143; (15) "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; (16) "State agency" means any state administrative body, agency, department, or division as defined in KRS 42.010, or any board, commission, institution, or division <br>exercising any function of the state which is not an independent municipal <br>corporation or political subdivision; (17) "Kentucky gross profits" means Kentucky gross profits as defined in KRS 141.0401; and (18) "Kentucky gross receipts" means Kentucky gross receipts as defined in KRS 141.0401. Effective: March 23, 2007 <br>History: Amended 2007 Ky. Acts ch. 71, sec. 1, effective March 23, 2007. -- Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 56, effective June 28, 2006. -- Amended <br>2006 Ky. Acts ch. 149, sec. 219, effective July 12, 2006. -- Amended 2004 Ky. Acts <br>ch. 18, sec. 6, effective July 13, 2004; and ch. 105, sec. 22, effective July 13, 2004. -- <br>Amended 2001 Ky. Acts ch. 153, sec. 1, effective March 20, 2001. -- Amended 2000 <br>Ky. Acts ch. 547, sec. 2, effective July 14, 2000. -- Amended 1996 Ky. Acts ch. 194, <br>sec. 45, effective July 15, 1996. -- Amended 1994 Ky. Acts ch. 390, sec. 6, effective <br>July 15, 1994; ch. 450, sec. 21, effective July 15, 1994; and ch. 499, sec. 23, <br>effective July 15, 1994. </p>
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