Page 1 of 2 148.859 Agreement between authority and approved company. (1) The authority, upon adoption of its final approval, may enter into a tourism development agreement with any approved company. The terms of the agreement <br>shall be negotiated between the authority and the approved company and shall <br>include but not be limited to: <br>(a) The amount of approved costs; <br>(b) That any increase in approved costs incurred by the approved company and agreed to by the authority shall apply retroactively for purposes of calculating <br>the carry forward for unused incentives; (c) A date certain by which the approved company shall have completed the tourism development project; (d) That the authority may grant an extension or change, which in no event shall exceed three (3) years from the date of final approval, to the completion date <br>as specified in the agreement of an approved company; (e) That within three (3) months of the completion date, the approved company shall document the actual cost of the tourism development project through a <br>certification of the costs to be provided by an independent certified public <br>accountant acceptable to the authority; (f) The term of the tourism development agreement and the maximum amount of recovery; (g) That within forty-five (45) days after the end of each fiscal year of the approved company, during the term of the agreement, the approved company <br>shall supply the authority with reports and certifications as the authority may <br>request demonstrating to the satisfaction of the authority that the approved <br>company is in compliance with the provisions of KRS 139.536 and KRS <br>148.851 to 148.860; (h) That the approved company shall notify the authority if any change in ownership of the tourism attraction is contemplated. The authority shall <br>reserve the option to renegotiate the terms of the agreement or, if the change <br>in ownership is detrimental to the Commonwealth, the authority may <br>terminate the agreement; (i) That the approved company shall not receive a sales tax incentive as prescribed by KRS 139.536 with respect to any fiscal year if the requirements <br>of KRS 148.853(2) have not been met; (j) That the authority may grant an extension of up to three (3) years to the completion date in addition to the extension provided for in paragraph (d) of <br>this subsection, to an approved company that has completed at least fifty <br>percent (50%) of an entertainment destination center project; (k) That in no event shall the completion date be more than six (6) years from the date of final approval; and (l) That the extension provided for in paragraph (j) of this subsection shall be subject to the following conditions: Page 2 of 2 1. The approved company shall have spent or have contractually obligated <br>to spend an amount equal to or greater than the amount of approved <br>costs set forth in the initial agreement; 2. The term of the agreement shall not be extended, except as provided in <br>KRS 148.853(3)(b)4.; and 3. The scope of the entertainment destination center project, as set forth in <br>the initial agreement, shall not be altered to include new or additional <br>entertainment and leisure options. (2) The agreement, including the incentives provided under KRS 148.853, shall not be transferable or assignable by the approved company without the written consent of <br>the authority and a passage of a resolution approving the proposed assignee of the <br>incentives as an approved company. Effective: June 26, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 40, effective June 26, 2009. -- Amended 2005 Ky. Acts ch. 85, sec. 565, effective June 20, 2005; ch. 184, <br>sec. 16, effective June 20, 2005; and ch. 173, Pt. XXIV, sec. 2, effective March 20, <br>2005. -- Amended 2003 Ky. Acts ch. 73, sec. 5, effective March 18, 2003. -- <br>Repealed, reenacted, and amended 2001 Ky. Acts ch. 1, sec. 6, effective June 21, <br>2001. -- Amended 2000 Ky. Acts ch. 300, sec. 24, effective July 14, 2000; and <br>ch. 315, sec. 1, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 238, sec. 4, <br>effective April 1, 1998. -- Created 1996 Ky. Acts ch. 335, sec. 5, effective July 15, <br>1996. Formerly codified as KRS 154.29-050. <br>Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to <br>agencies and officers whose names have been changed in 2005 legislation confirming <br>the reorganization of the executive branch. Such a correction has been made in this <br>section. Legislative Research Commission Note (6/21/2001). This is former KRS 154.29-050 as amended by 2001 Ky. Acts ch. 1, sec. 6, and renumbered by the Reviser of <br>Statutes under KRS 7.136(1).
Page 1 of 2 148.859 Agreement between authority and approved company. (1) The authority, upon adoption of its final approval, may enter into a tourism development agreement with any approved company. The terms of the agreement <br>shall be negotiated between the authority and the approved company and shall <br>include but not be limited to: <br>(a) The amount of approved costs; <br>(b) That any increase in approved costs incurred by the approved company and agreed to by the authority shall apply retroactively for purposes of calculating <br>the carry forward for unused incentives; (c) A date certain by which the approved company shall have completed the tourism development project; (d) That the authority may grant an extension or change, which in no event shall exceed three (3) years from the date of final approval, to the completion date <br>as specified in the agreement of an approved company; (e) That within three (3) months of the completion date, the approved company shall document the actual cost of the tourism development project through a <br>certification of the costs to be provided by an independent certified public <br>accountant acceptable to the authority; (f) The term of the tourism development agreement and the maximum amount of recovery; (g) That within forty-five (45) days after the end of each fiscal year of the approved company, during the term of the agreement, the approved company <br>shall supply the authority with reports and certifications as the authority may <br>request demonstrating to the satisfaction of the authority that the approved <br>company is in compliance with the provisions of KRS 139.536 and KRS <br>148.851 to 148.860; (h) That the approved company shall notify the authority if any change in ownership of the tourism attraction is contemplated. The authority shall <br>reserve the option to renegotiate the terms of the agreement or, if the change <br>in ownership is detrimental to the Commonwealth, the authority may <br>terminate the agreement; (i) That the approved company shall not receive a sales tax incentive as prescribed by KRS 139.536 with respect to any fiscal year if the requirements <br>of KRS 148.853(2) have not been met; (j) That the authority may grant an extension of up to three (3) years to the completion date in addition to the extension provided for in paragraph (d) of <br>this subsection, to an approved company that has completed at least fifty <br>percent (50%) of an entertainment destination center project; (k) That in no event shall the completion date be more than six (6) years from the date of final approval; and (l) That the extension provided for in paragraph (j) of this subsection shall be subject to the following conditions: Page 2 of 2 1. The approved company shall have spent or have contractually obligated <br>to spend an amount equal to or greater than the amount of approved <br>costs set forth in the initial agreement; 2. The term of the agreement shall not be extended, except as provided in <br>KRS 148.853(3)(b)4.; and 3. The scope of the entertainment destination center project, as set forth in <br>the initial agreement, shall not be altered to include new or additional <br>entertainment and leisure options. (2) The agreement, including the incentives provided under KRS 148.853, shall not be transferable or assignable by the approved company without the written consent of <br>the authority and a passage of a resolution approving the proposed assignee of the <br>incentives as an approved company. Effective: June 26, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 40, effective June 26, 2009. -- Amended 2005 Ky. Acts ch. 85, sec. 565, effective June 20, 2005; ch. 184, <br>sec. 16, effective June 20, 2005; and ch. 173, Pt. XXIV, sec. 2, effective March 20, <br>2005. -- Amended 2003 Ky. Acts ch. 73, sec. 5, effective March 18, 2003. -- <br>Repealed, reenacted, and amended 2001 Ky. Acts ch. 1, sec. 6, effective June 21, <br>2001. -- Amended 2000 Ky. Acts ch. 300, sec. 24, effective July 14, 2000; and <br>ch. 315, sec. 1, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 238, sec. 4, <br>effective April 1, 1998. -- Created 1996 Ky. Acts ch. 335, sec. 5, effective July 15, <br>1996. Formerly codified as KRS 154.29-050. <br>Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to <br>agencies and officers whose names have been changed in 2005 legislation confirming <br>the reorganization of the executive branch. Such a correction has been made in this <br>section. Legislative Research Commission Note (6/21/2001). This is former KRS 154.29-050 as amended by 2001 Ky. Acts ch. 1, sec. 6, and renumbered by the Reviser of <br>Statutes under KRS 7.136(1).
Page 1 of 2 148.859 Agreement between authority and approved company. (1) The authority, upon adoption of its final approval, may enter into a tourism development agreement with any approved company. The terms of the agreement <br>shall be negotiated between the authority and the approved company and shall <br>include but not be limited to: <br>(a) The amount of approved costs; <br>(b) That any increase in approved costs incurred by the approved company and agreed to by the authority shall apply retroactively for purposes of calculating <br>the carry forward for unused incentives; (c) A date certain by which the approved company shall have completed the tourism development project; (d) That the authority may grant an extension or change, which in no event shall exceed three (3) years from the date of final approval, to the completion date <br>as specified in the agreement of an approved company; (e) That within three (3) months of the completion date, the approved company shall document the actual cost of the tourism development project through a <br>certification of the costs to be provided by an independent certified public <br>accountant acceptable to the authority; (f) The term of the tourism development agreement and the maximum amount of recovery; (g) That within forty-five (45) days after the end of each fiscal year of the approved company, during the term of the agreement, the approved company <br>shall supply the authority with reports and certifications as the authority may <br>request demonstrating to the satisfaction of the authority that the approved <br>company is in compliance with the provisions of KRS 139.536 and KRS <br>148.851 to 148.860; (h) That the approved company shall notify the authority if any change in ownership of the tourism attraction is contemplated. The authority shall <br>reserve the option to renegotiate the terms of the agreement or, if the change <br>in ownership is detrimental to the Commonwealth, the authority may <br>terminate the agreement; (i) That the approved company shall not receive a sales tax incentive as prescribed by KRS 139.536 with respect to any fiscal year if the requirements <br>of KRS 148.853(2) have not been met; (j) That the authority may grant an extension of up to three (3) years to the completion date in addition to the extension provided for in paragraph (d) of <br>this subsection, to an approved company that has completed at least fifty <br>percent (50%) of an entertainment destination center project; (k) That in no event shall the completion date be more than six (6) years from the date of final approval; and (l) That the extension provided for in paragraph (j) of this subsection shall be subject to the following conditions: Page 2 of 2 1. The approved company shall have spent or have contractually obligated <br>to spend an amount equal to or greater than the amount of approved <br>costs set forth in the initial agreement; 2. The term of the agreement shall not be extended, except as provided in <br>KRS 148.853(3)(b)4.; and 3. The scope of the entertainment destination center project, as set forth in <br>the initial agreement, shall not be altered to include new or additional <br>entertainment and leisure options. (2) The agreement, including the incentives provided under KRS 148.853, shall not be transferable or assignable by the approved company without the written consent of <br>the authority and a passage of a resolution approving the proposed assignee of the <br>incentives as an approved company. Effective: June 26, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 40, effective June 26, 2009. -- Amended 2005 Ky. Acts ch. 85, sec. 565, effective June 20, 2005; ch. 184, <br>sec. 16, effective June 20, 2005; and ch. 173, Pt. XXIV, sec. 2, effective March 20, <br>2005. -- Amended 2003 Ky. Acts ch. 73, sec. 5, effective March 18, 2003. -- <br>Repealed, reenacted, and amended 2001 Ky. Acts ch. 1, sec. 6, effective June 21, <br>2001. -- Amended 2000 Ky. Acts ch. 300, sec. 24, effective July 14, 2000; and <br>ch. 315, sec. 1, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 238, sec. 4, <br>effective April 1, 1998. -- Created 1996 Ky. Acts ch. 335, sec. 5, effective July 15, <br>1996. Formerly codified as KRS 154.29-050. <br>Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to <br>agencies and officers whose names have been changed in 2005 legislation confirming <br>the reorganization of the executive branch. Such a correction has been made in this <br>section. Legislative Research Commission Note (6/21/2001). This is former KRS 154.29-050 as amended by 2001 Ky. Acts ch. 1, sec. 6, and renumbered by the Reviser of <br>Statutes under KRS 7.136(1).
