<br><br> <br>Page 1 of 2 <br>65.7069 State Tax Increment Financing Commission -- Members -- Powers and <br>duties -- Annual report. <br>(1) The State Tax Increment Financing Commission is hereby created as an <br>independent agency of the state within the meaning of KRS Chapter 12. The <br>commission shall be composed of the following members: <br>(a) The secretary of the Finance and Administration Cabinet, who shall be the <br>chair thereof; <br>(b) The state budget director; <br>(c) The secretary of the Cabinet for Economic Development; <br>(d) The secretary of the Tourism, Arts and Heritage Cabinet; <br>(e) The chair of the Kentucky Economic Development Finance Authority; <br>(f) The dean of the University of Kentucky Gatton College of Business and <br>Economics; and <br>(g) The dean of the University of Louisville College of Business and Public <br>Administration. <br>(2) The commission shall review all applications for state participation in tax increment <br>financing projects and shall approve those proposals it determines meet the <br>requirements established by KRS 65.7071, 65.7073, 65.7075, 65.7077, 65.7079, <br>and 65.7081. <br>(3) Members of the commission shall serve without compensation, but may receive <br>reimbursement for their actual and necessary expenses incurred in the performance <br>of their duties. <br>(4) Any four (4) members of the commission shall constitute a quorum and shall by <br>majority vote be authorized to transact any and all business of the commission. <br>(5) The commission shall meet at least two (2) times each year, but may meet more <br>frequently upon the call of the chair or a request made by any four (4) members of <br>the commission. <br>(6) The commission shall be attached to the Finance and Administration Cabinet for <br>administrative purposes and staff services. All cabinets, departments, divisions, <br>agencies, and officers of the Commonwealth shall furnish the commission with <br>necessary assistance, resources, information, records, or advice as it may require to <br>fulfill its duties. <br>(7) The commission shall prepare bylaws and shall establish procedures applicable to <br>the operations of the commission. <br>(8) The commission shall have the authority to promulgate any regulations necessary <br>for the administration of KRS 65.7069, 65.7071, 65.7073, 65.7075, 65.7077, <br>65.7079, and 65.7081 in accordance with KRS Chapter 13A. <br>(9) On or before February 15, 2008, and each year thereafter, the commission shall <br>provide the Governor and the Legislative Research Commission with an annual <br>report, which shall include but shall not be limited to the following for the prior <br>calendar year: <br><br> <br>Page 2 of 2 <br>(a) A list of applications considered by the commission during the prior calendar <br>year, including the name of the applicant, a description of the project, the local <br>tax revenues or other revenues pledged, the level of participation requested <br>from the Commonwealth, and whether the application was approved; and <br>(b) For each approved application, the report shall include: <br>1. <br>The total commitment made by the Commonwealth, detailed by type of <br>tax and estimated incremental revenues pledged for each tax; <br>2. <br>The length of the commitment; and <br>3. <br>The portion of the development area included in the project. <br>Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 16, sec. 11, effective June 25, 2009. -- Created <br>2007 Ky. Acts ch. 95, sec. 15, effective March 23, 2007. <br><br>