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154.34.080 Reinvestment agreement -- Terms and provisions.

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154.34-080 Reinvestment agreement -- Terms and provisions. The authority, upon final approval of a company, may enter into a reinvestment <br>agreement with the approved company. The terms and conditions of the reinvestment <br>agreement shall be negotiated between the authority and the approved company. The <br>terms of the reinvestment agreement shall include but not be limited to the following <br>provisions: <br>(1) That the authority may employ an independent consultant or utilize technical resources to verify the cost of the project, and that the approved company shall <br>reimburse the authority for the cost of a consultant or other technical resources <br>employed by the authority; (2) The maximum approved costs that may be recovered; <br>(3) A set employment retention goal, which shall be at least eighty-five percent (85%) of the number of full-time employees employed at the facility on the date the <br>company receives preliminary approval; (4) That approval of the company is not a guarantee of incentives and that eligibility for incentives shall be contingent on the approved company meeting the requirements <br>established by the reinvestment agreement and this subchapter; (5) The term of the reinvestment agreement, which shall not be longer than the earlier of: <br>(a) The date on which the approved company has received incentives equal to the approved costs of its reinvestment project; or (b) Ten (10) years from the date of final approval granted by the authority; (6) That the authority may reduce the incentives, suspend the incentives, or terminate the agreement if the approved company fails to comply with provisions of the <br>reinvestment agreement; (7) That both the authority and the department shall have the right to pursue any remedy provided under this reinvestment agreement and any other remedy at law to <br>which it may be entitled; (8) That the approved company shall make available to the department and the authority all of its records pertaining to the reinvestment project, including but not <br>limited to payroll records, records relating to the expenditure of eligible equipment <br>and related costs, eligible skills upgrade training costs, and approved costs, and any <br>other records pertaining to the project as the authority or the department may <br>require; (9) That the authority may share information with the department for the purposes of monitoring and enforcing the terms of the reinvestment agreement; (10) That the agreement shall not be transferred or assigned by the approved company without the expressed written consent of the authority; and (11) Any other provisions not inconsistent with this subchapter and determined to be necessary or appropriate by the parties to the reinvestment agreement. Effective: June 26, 2009 History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 4, effective June 26, 2009. -- Amended 2006 (1st Extra. Sess.) Ky. Acts ch. 2, sec. 62, effective June 28, <br>2006. -- Amended 2005 Ky. Acts ch. 85, sec. 585, effective June 20, 2005. -- Created <br>2003 Ky. Acts ch. 148, sec. 8, effective June 24, 2003. Legislative Research Commission Note (6/26/2009). 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, provides that, notwithstanding the amendments contained in Sections 1 <br>to 6 of that Act (which includes this statute), &quot;all reinvestment projects preliminarily <br>approved on or after the effective date of this Act shall not be eligible for final <br>approval until July 1, 2010&quot;; and 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 8, <br>provides that, notwithstanding the amendments in Sections 1 to 6 of that Act or the <br>repeals in Section 114 of that Act, &quot;all reinvestment projects preliminarily or finally <br>approved prior to the effective date of this Act shall be governed by Subchapter 34 of <br>KRS Chapter 154 as it existed prior to the effective date of this Act.&quot; Legislative Research Commission Note (6/28/2006). 2006 (1st Extra Sess.) Ky. Acts ch. 2, sec. 73, provides that &quot;unless a provision of this Act specifically applies to an <br>earlier tax year, the provisions of this Act shall apply to taxable years beginning on or <br>after January 1, 2007.&quot;