2011 Kentucky Revised Statutes Subchapter 24 Financing of Jobs Development 154.24.090 Administrative regulations to include criteria for approval of eligible companies.
KY Rev Stat § 154.24.090 (1996 through Reg Sess) What's This?
154.24-090 Administrative regulations to include criteria for approval of eligible
companies.
The authority shall promulgate administrative regulations in accordance with KRS
Chapter 13A, regarding the approval of eligible companies and economic development
projects conducted by those companies. The criteria for approval of eligible companies
and economic development projects shall include but not be limited to the following
criteria:
(1) A determination by the authority that more than seventy-five percent (75%) of
services provided by the eligible company from the proposed project shall be
provided for persons located outside the Commonwealth during each year of the
period during which it receives inducements as authorized in KRS 154.24-110;
(2) The economic development project shall result in the creation by the eligible
company of a minimum of fifteen (15) new full-time jobs for Kentucky residents to
be employed by the eligible company and to be held by persons subject to the
personal income tax of the Commonwealth at the activation date set forth in the
company's service and technology agreement as described in KRS 154.24-120. The
activation date shall occur within two (2) years after the date of the final resolution
authorizing the economic development project. The authority may extend the period
for compliance with this subsection up to one (1) year from the activation date upon
the written application of an eligible company requesting an extension;
(3) (a) Within six (6) months after the activation date, the approved company shall
compensate a minimum of ninety percent (90%) of its full-time employees
whose jobs were created with base hourly wages equal to either:
1.
Seventy-five percent (75%) of the average hourly wage for the
Commonwealth; or
2.
Seventy-five percent (75%) of the average hourly wage for the county in
which the project is to be undertaken.
(b) If the base hourly wage calculated in paragraph (a)1. or 2. of this subsection is
less than one hundred fifty percent (150%) of the federal minimum wage, then
the base hourly wage shall be one hundred fifty percent (150%) of the federal
minimum wage. However, for projects receiving preliminary approval of the
authority prior to July 1, 2008, the base hourly wage shall be one hundred fifty
percent (150%) of the federal minimum wage existing on January 1, 2007.
(c) In addition to the base hourly wages, the eligible company shall provide
employee benefits equal to at least fifteen percent (15%) of the applicable base
hourly wages; however, if the eligible company does not provide employee
benefits equal to at least fifteen percent (15%) of the applicable base hourly
wages, the eligible company may qualify under this section if it provides the
employees hired by the eligible company as a result of the economic
development project total hourly compensation equal to or greater than one
hundred fifteen percent (115%) of the applicable base hourly wages through
increased hourly wages combined with employee benefits;
(4)
(5)
(6)
If an eligible company receives approval from the authority before July 1, 2008, and
locates an economic development project on property that adjoins one (1) of the five
(5) regional postsecondary education centers operated and occupied in cooperation
with the Kentucky Community and Technical College System, or operated and
occupied under the combined efforts of the Kentucky Community and Technical
College System and a public four (4) year comprehensive university, the eligible
company may alternatively satisfy the requirements of subsection (3) of this section
in the following manner:
(a) Within six (6) months after the activation date, the approved company shall
compensate a minimum of ninety percent (90%) of its full-time employees
whose jobs were created as a result of the project with total of base hourly
wages plus employee benefits equal to or greater than two hundred percent
(200%) of the federal minimum wage, providing that base hourly wages shall
be greater than or equal to one hundred fifty percent (150%) of the federal
minimum wage;
(b) The eligible company shall provide to the authority a statement certifying that
the eligible company will seek to provide full-time or part-time employment
opportunities for nontraditional students who are enrolled or seek to be
enrolled at a regional postsecondary education center; and
(c) The director of the regional postsecondary education center shall provide to
the authority a statement asserting that the eligible company is likely to
provide appropriate employment opportunities for students and that the
economic development project may be reasonably expected to provide
meaningful opportunities for technological and infrastructural enhancements;
Written evidence that:
(a) Approval of the economic development project and the resulting inducements
to be offered are essential to the creation of new jobs in the Commonwealth
by an eligible company in connection with its economic development project;
and
(b) No significant number of existing jobs in the Commonwealth will be lost, or
adversely affected, due to the designation of an eligible company as an
approved company, and to the approval of the eligible company's economic
development project; and
That the economic development project could reasonably and efficiently locate
outside of the Commonwealth and, without the inducements offered by the
authority, the eligible company would likely locate outside the state.
Effective: July 15, 2008
History: Amended 2008 Ky. Acts ch. 113, sec. 3, effective July 15, 2008. -- Amended
2007 Ky. Acts ch. 2, sec. 1, effective March 16, 2007; and ch. 69, sec. 4, effective
June 26, 2007. -- Amended 2003 Ky. Acts ch. 73, sec. 1, effective March 18, 2003. -Amended 2002 Ky. Acts ch. 338, sec. 33, effective July 15, 2002. -- Amended 1996
Ky. Acts ch. 194, sec. 37, effective July 15, 1996. -- Amended 1994 Ky. Acts
ch. 450, sec. 14, effective July 15, 1994. – Created 1992 Ky. Acts ch. 358, sec. 9,
effective July 14, 1992.
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