65.490 Definitions for KRS 65.490 to 65.499.

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Page 1 of 2 65.490 Definitions for KRS 65.490 to 65.499. As used in KRS 65.490 to 65.499, unless the context otherwise requires: <br>(1) &quot;Agency&quot; means an urban renewal and community development agency of a taxing district located within a county containing a consolidated local government or a city <br>of the first class, established under KRS Chapter 99; a development authority <br>located within a county containing a consolidated local government or a city of the <br>first class established under KRS Chapter 99; a nonprofit corporation located within <br>a county containing a consolidated local government or a city of the first class; or a <br>designated department, division, or office of a county containing a consolidated <br>local government or of a city of the first class; (2) &quot;Development area&quot; means an area no less than one (1) square mile, nor more than six (6) square miles, designated in need of public improvements by a local or state <br>government in a county containing a consolidated local government or a city of the <br>first class, a project area as defined in KRS 99.615, or a public project as defined in <br>KRS 58.010 in a county containing a consolidated local government or a city of the <br>first class. &quot;Development area&quot; includes an existing economic development asset; (3) &quot;Increment&quot; means that amount of money received by any taxing district or the state that is determined by subtracting the amount of old revenues from the amount of <br>new revenues in any year for which a taxing district or the state and an agency have <br>agreed upon under the terms of a contract of release or a grant contract; (4) &quot;Local government&quot; means a county containing a consolidated local government or a city of the first class; (5) &quot;New revenues&quot; means the revenues received by any taxing district or the state from a development area in any year after the establishment of the development area; (6) &quot;Old revenues&quot; means the amount of revenues received by any taxing district or the state from a development area in the last year prior to the establishment of the <br>development area; (7) &quot;Project&quot; means any urban renewal, redevelopment, or public project undertaken in accordance with the provisions of KRS 65.490 to 65.497, any project undertaken in <br>accordance with KRS 99.610 to 99.680, any project undertaken in accordance with <br>the provisions of KRS Chapter 58, or any &quot;public project&quot; as that term is defined in <br>KRS 58.010 undertaken by a nonprofit corporation located within a county <br>containing a consolidated local government or a city of the first class; (8) &quot;Release&quot; or &quot;contract of release&quot; or &quot;grant contract&quot; means that agreement by which a taxing district or the state permits the payment to an agency of a portion of <br>increments or an amount equal to a portion of increments received by it in return for <br>the benefits accrued to the taxing district or the state by reason of a project <br>undertaken by an agency in a development area; (9) &quot;Taxing district&quot; means a consolidated local government, a county containing a city of the first class, a city of the first class that encompasses all or part of a <br>development area, or the state, but does not mean a school district; and (10) &quot;Pilot program&quot; means a tax increment financing program or a grant program created by an agency within a consolidated local government or a county containing Page 2 of 2 a city of the first class which shall exist for a period of twenty (20) years after which <br>time it shall continue only after reauthorization by the General Assembly. Effective: April 25, 2006 <br>History: Amended 2006 Ky. Acts ch. 252, Pt. XXX, sec. 1, effective April 25, 2006. -- Amended 2002 Ky. Acts ch. 346, sec. 30, effective July 15, 2002. -- Created 2000 <br>Ky. Acts ch. 326, sec. 1, effective July 14, 2000.