Statutes > Kentucky Statutes > Subchapter 20 Financing of Development Generally > 154.20.202 Authority to promulgate administrative regulations -- Requirements for approval of eligible companies and economic development projects.

154.20.202 Authority to promulgate administrative regulations -- Requirements for approval of eligible companies and economic development projects.

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Page 1 of 1 154.20-202 Authority to promulgate administrative regulations -- Requirements for approval of eligible companies and economic development projects. (1) The authority shall promulgate administrative regulations, pursuant to KRS Chapter 13A, for approving eligible companies pursuant to KRS 154.20-200 to 154.20-216. (2) Relevant standards for approval of eligible companies and economic development projects shall include but are not limited to creditworthiness of the eligible <br>company, employment opportunities for Kentucky residents, including wages to be <br>paid, whether the project is located in a preference zone, whether the eligible <br>company is participating in other incentive programs pursuant to KRS Chapter 154 <br>for the project, and the likelihood that the project will be an economic success. An <br>eligible company with an economic development project located in a preference <br>zone shall be given priority for approval. (3) An eligible company shall certify to the authority, by written application provided by the authority, the following: <br>(a) That the company is making a minimum investment of one hundred thousand dollars (&#36;100,000) in the project, if the project is located in a preference zone <br>or five hundred thousand dollars (&#36;500,000) in the project, if the project is not <br>located in a preference zone; (b) A description of the project; <br>(c) An estimate of the expenses for which the company shall seek approval; <br>(d) Supporting documentation, as requested by the authority; and <br>(e) Any other information requested by the authority. Effective: March 18, 2005 <br>History: Created 2005 Ky. Acts ch. 168, sec. 37, effective March 18, 2005. <br>Legislative Research Commission Note (3/18/2005). 2005 Ky. Acts ch. 168, sec. 165, provides that this section shall apply to tax years beginning on or after January 1, <br>2005.