65.501 Definitions for KRS 65.500 to 65.506.
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/ky/chapter-65/65-501A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in KRS 65.500 to 65.506:
(1)"Affiliated" means the following:
(a)Members of a family, including brothers and sisters of the whole or half
blood, spouse, parents, grandparents, ancestors, children, spouses of children,
grandchildren, spouses of grandchildren, and other lineal descendants of an
individual;
(b)An individual and a corporation, if more than ten percent (10%) in value of
the outstanding stock of which is owned, directly or indirectly, by or for that
individual;
(c)An individual and a limited liability company or a partnership, if more than
ten percent (10%) of the capital interest or profits are owned or controlled,
directly or indirectly, by or for that individual; or
(d)An individual and a trust, if the individual is a grantor, fiduciary, or
beneficiary of the trust;
(2)"Board" means the board of the West End Opportunity Partnership;
(3)"CPI" means the nonseasonally adjusted United States city average of the Consumer
Price Index for all urban consumers for all items, as released by the federal Bureau
of Labor Statistics;
(4)"Development area" means a region within a consolidated local government
bounded by:
(a)To the south, Algonquin Parkway to the South Seventh Street intersection, but
including the unincorporated communities adjacent to Park Duvalle and
Algonquin:
1. Beginning at the Ohio River, at the southwest corner of Chickasaw Park
and then along the park's southern boundary to Southwestern Parkway;
2. Southwestern Parkway south to Algonquin Parkway;
3. Algonquin Parkway to South Forty-First Street;
4. South Forty-First Street south to Bells Lane;
5. Bells Lane east to Cane Run Road;
6. Cane Run Road north to Linwood Avenue;
7. Linwood Avenue east to Beech Street;
8. Beech Street south to Wingfield Lane;
9. Wingfield Lane east to Dixie Highway;
10. Dixie Highway north to Algonquin Parkway; and
11. Algonquin Parkway east to South Seventh Street;
(b)To the east, South Seventh Street north to Ninth Street and Ninth Street north
to the Ohio River; and
(c)The Ohio River to the north and west;
(5)"Governing body" means the body possessing legislative authority in a consolidated
local government;
(6)"Incremental revenues" means the amount of revenues received by:
(a)A consolidated local government, determined by subtracting old revenues
from new revenues in a calendar year with respect to the development area;
and
(b)The Commonwealth, determined by subtracting old revenues from new
revenues in a calendar year with respect to the development area;
(a)"Local tax revenues" means revenues derived by a consolidated local
government from one
(1)or more of the following sources:
1. Real property ad valorem taxes, excluding any taxes not assessed while
a property is participating in an assessment or reassessment moratorium
program under KRS 99.600; and
2. Occupational license taxes; and
(b)"Local tax revenues" does not mean revenues that have been pledged to
support a tax increment financing project established under KRS 65.490 to
65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development
project within the development area;
(8)"New revenues" means the amount of:
(a)Local tax revenues received by a consolidated local government with respect
to the development area in any calendar year beginning with the calendar year
described under KRS 65.504(1); and
(b)State tax revenues received by the Commonwealth with respect to the
development area in any calendar year beginning with the calendar year
described under KRS 65.504(1);
(9)"Old revenues" means the amount of:
(a)Local tax revenues received by a consolidated local government with respect
to the development area in any calendar year beginning with the calendar year
immediately preceding the calendar years described under KRS 65.504(1);
and
(b)State tax revenues received by the Commonwealth with respect to the
development area in any calendar year beginning with the calendar year
immediately preceding the calendar years described under KRS 65.504(1).
"Old revenues" shall be adjusted annually to incorporate the percentage change in
the CPI. In the first calendar year of the calendar years described under KRS
65.504(1), the calculated amount for the state tax revenues and the local tax
revenues shall be adjusted by multiplying each amount by the percentage change in
the CPI. For every calendar year thereafter until the expiration of the calendar years
described under KRS 65.504(1), the calculated amount for the state tax revenues
and the local tax revenues shall be the previous year's calculated amount multiplied
by the percentage change in the CPI;
(10)"Percentage change in the CPI" means the percentage of change in CPI from one
year to the next based on averaging the twelve
(12)consecutive months of CPI data
for each of the two
(2)immediately preceding calendar years and then using those
two
(2)averages to calculate a year-over-year percentage change; and
(a)"State tax revenues" means revenues received by the Commonwealth from
one
(1)or more of the following sources:
1. State real property ad valorem taxes, excluding any taxes not assessed
while a property is participating in an assessment or reassessment
moratorium program under KRS 99.600;
2. Individual income taxes required to be withheld by an employer as
required under KRS 141.310; and
3. Sales taxes levied under KRS 139.200, excluding sales taxes already
pledged for:
a. Approved tourism attraction projects, as defined in KRS 148.851,
within the development area; and
b. Projects which are approved for sales tax refunds under
Subchapter 20 of KRS Chapter 154 within the development area.
(b)"State tax revenues" does not mean revenues that have been pledged to
support a tax increment financing project established under KRS 65.490 to
65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development
project within the development area.