65.493 Development areas for tax increment financing -- Qualifications.

221 words·~1 min read·/ky/chapter-65/65-493

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

(1)A county containing a city of the first class or a city of the first class may establish a

development area for the purpose of creating a pilot program to utilize tax

increment financing or a grant program based upon the increment in state tax

revenues for the redevelopment and revitalization of these development areas within

their communities.

(2)A development area in a county containing a city of the first class shall be located

within ten

(10)miles of the central business district of the largest city within the

county and shall be within one

(1)mile of one

(1)or more economic development

assets having employers, with at least one thousand (1,000) employees, who will

leverage and promote investment in the zone.

(3)A development area in a county containing a city of the first class shall have

adequate roads, sewers, water, rail service, and an interstate highway interchange

directly available.

(4)At least fifty percent (50%) of a development area in a county containing a city of

the first class, excluding roads, utility easements, and other infrastructure-related

improvements, shall be composed of land that is a brownfield site or other land

compatible for industrial or commercial uses to permit and facilitate redevelopment

and reuse of land in the development area compatible with the adjacent economic

development assets.