65.497 State and local development contracts for benefits derived by taxing authority -- Annual renewal.
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65.497 State and local development contracts for benefits derived by taxing
authority -- Annual renewal.
(1) Each taxing district is authorized to execute a contract of release with any agency in
acknowledgment of benefits to be derived by it within the development area with an <br>existing economic development asset as leveraged in part by the undertaking of a <br>project, and in order to promote the public purposes of the taxing district.
(2) Any contract signed for the release of increments shall be made on the basis of
automatic year-to-year renewals, with the option to discontinue upon sixty (60) <br>days' notice before the end of any annual termination date of the contract.
(3) The state, acting by and through the Governor, is authorized to execute a grant
contract with any agency in acknowledgment of benefits to be derived by it with the <br>development area with an existing economic development asset as leveraged in part <br>by the undertaking of a project, and in order to promote the public purpose of the <br>state.
(4) Any grant contract signed for an amount equal to the increment derived from the
development area shall be made on the basis of automatic year-to-year renewals, <br>with the option to discontinue upon sixty (60) days' notice before the end of any <br>annual termination date of the contract.
Effective: July 14, 2000 <br>History: Created 2000 Ky. Acts ch. 326, sec. 5, effective July 14, 2000.
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