<br><br> <br>Page 1 of 1 <br>65.497 State and local development contracts for benefits derived by taxing <br>authority -- Annual renewal. <br>(1) Each taxing district is authorized to execute a contract of release with any agency in <br>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. <br>(2) Any contract signed for the release of increments shall be made on the basis of <br>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. <br>(3) The state, acting by and through the Governor, is authorized to execute a grant <br>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. <br>(4) Any grant contract signed for an amount equal to the increment derived from the <br>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. <br>Effective: July 14, 2000 <br>History: Created 2000 Ky. Acts ch. 326, sec. 5, effective July 14, 2000. <br><br>