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: (1) "Agency" means an urban renewal and community development agency of a taxing district located within a county containing a consolidated local government or a city of the first class, established under KRS Chapter 99; a development authority located within a county containing a consolidated local government or a city of the first class established under KRS Chapter 99; a nonprofit corporation located within a county containing a consolidated local government or a city of the first class; or a designated department, division, or office of a county containing a consolidated local government or of a city of the first class; (2) "Development area" 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 government in a county containing a consolidated local government or a city of the first class, a project area as defined in KRS 99.615, or a public project as defined in KRS 58.010 in a county containing a consolidated local government or a city of the first class. "Development area" includes an existing economic development asset; (3) "Increment" 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 new revenues in any year for which a taxing district or the state and an agency have agreed upon under the terms of a contract of release or a grant contract; (4) "Local government" means a county containing a consolidated local government or a city of the first class; (5) "New revenues" 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) "Old revenues" 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 development area; (7) "Project" 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 accordance with KRS 99.610 to 99.680, any project undertaken in accordance with the provisions of KRS Chapter 58, or any "public project" as that term is defined in KRS 58.010 undertaken by a nonprofit corporation located within a county containing a consolidated local government or a city of the first class; (8) "Release" or "contract of release" or "grant contract" means that agreement by which a taxing district or the state permits the payment to an agency of a portion of increments or an amount equal to a portion of increments received by it in return for the benefits accrued to the taxing district or the state by reason of a project undertaken by an agency in a development area; (9) "Taxing district" 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 development area, or the state, but does not mean a school district; and (10) "Pilot program" 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 time it shall continue only after reauthorization by the General Assembly. Effective: April 25, 2006 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 Ky. Acts ch. 326, sec. 1, effective July 14, 2000.