65.497 State and local development contracts for benefits derived by taxing
207 words·~1 min read·
/ky/65-497A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
authority -- Annual renewal.
(1)Each taxing district is authorized to execute a contract of release with any agency in
acknowledgment of benefits to be derived by it within the development area with an
existing economic development asset as leveraged in part by the undertaking of a
project, and in order to promote the public purposes of the taxing district.
(2)Any contract signed for the release of increments shall be made on the basis of
automatic year-to-year renewals, with the option to discontinue upon sixty
days' notice before the end of any annual termination date of the contract.
(3)The state, acting by and through the Governor, is authorized to execute a grant
contract with any agency in acknowledgment of benefits to be derived by it with the
development area with an existing economic development asset as leveraged in part
by the undertaking of a project, and in order to promote the public purpose of the
state.
(4)Any grant contract signed for an amount equal to the increment derived from the
development area shall be made on the basis of automatic year-to-year renewals,
with the option to discontinue upon sixty
(60)days' notice before the end of any
annual termination date of the contract.