65.491 Legislative findings regarding tax increment financing.

222 words·~1 min read·/ky/chapter-65/65-491

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)It is found and declared that public improvements, and publicly promoted private

improvements, in any development area that result in the increase in the value of

property located in the development area or result in increased employment within

the development area serve a public purpose for each taxing district possessing the

authority, directly or indirectly, to impose ad valorem taxes, sales taxes, income

taxes, or occupational license fees in the development area, and for the state with

regards to its revenues from ad valorem taxes, sales taxes, and income taxes. The

increment in revenues derived by each taxing district and the state from the

development area is found and declared to be one of the benefits derived by each

taxing district and the state from any local development project or public project

undertaken by the agency; and

(2)It is found that the use of tax increment financing or a grant program based upon the

use of increment financing as tax revenues has proved to be successful and of great

benefit to areas in need of revitalization and development in other parts of the

country; therefore, the development of a pilot program within the Commonwealth to

test the usefulness of increment financing to assist local governments in restoring

and revitalizing their communities is declared to be a most worthy public purpose.