2011 Kentucky Revised Statutes CHAPTER 65 GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS 65.7057 Permitted sources for local funding for redevelopment assistance or projects -- Special assessments -- Local participation agreement required.
KY Rev Stat § 65.7057 (1996 through Reg Sess) What's This?
65.7057 Permitted sources for local funding for redevelopment assistance or
projects -- Special assessments -- Local participation agreement required.
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To provide funding for redevelopment assistance or projects in a development area
or projects in a local development area:
(a) Any taxing authority may, in addition to any other pledge permitted by law to
secure its obligations, pledge up to one hundred percent (100%) of the
incremental local tax revenues generated in the development area or local
development area or from a project within the development area or local
development area for up to thirty (30) years from the activation date;
(b) The amount of incremental revenues shall be determined for each type of tax
separately; and
(c) Local tax revenues from a development area that have not been pledged to
support redevelopment assistance or projects within the development area, or
from a local development area that have not been pledged to support projects
within the local development area, may be used to support other economic
development projects, provided that local tax revenues shall not be pledged
more than once. Thus, local tax revenues pledged to support increment bonds
issued for the development area or local development area shall not also be
pledged to support a specific project within the development area or local
development area, and those revenues shall not be pledged to support any
other program, development, or undertaking.
Any city may pledge revenues collected under a special assessment imposed under
KRS 91A.200 to 91A.290 to support projects or the provision of redevelopment
assistance within a development area, or to support projects within a local
development area, and may pledge revenues collected from the assessment to
support increment bonds.
Any county may levy a special assessment under the terms and conditions
established for cities under KRS 91A.200 to 91A.290 to support projects or the
provision of redevelopment assistance within a development area, or to support
projects within a local development area, and may pledge revenues collected from
the assessment to support increment bonds.
Any city, county, or combination of cities and counties establishing a development
area or a local development area may pledge revenues collected pursuant to the
occupational license fee permitted by KRS 65.7056.
Any pledge of incremental revenues or other revenues related to a development area
by a taxing district shall be accomplished through the execution of a local
participation agreement in accordance with KRS 65.7063.
Any pledge of incremental revenues or other revenues related to a local
development area by a taxing district shall be accomplished through the execution
of a local development area agreement in accordance with KRS 65.7047.
Effective: July 15, 2008
History: Amended 2008 Ky. Acts ch. 178, sec. 7, effective July 15, 2008. -- Created
2007 Ky. Acts ch. 95, sec. 9, effective March 23, 2007.
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