2011 Kentucky Revised Statutes Subchapter 26 Financing of Existing Industry Development 154.26.080 Standards for determination of eligibility -- Review of application -- Request for emergency declaration -- Authorizing resolution.
KY Rev Stat § 154.26.080 (1996 through Reg Sess) What's This?
154.26-080 Standards for determination of eligibility -- Review of application -Request for emergency declaration -- Authorizing resolution.
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The authority shall establish standards for the determination and approval of eligible
companies and their projects by the promulgation of administrative regulations in
accordance with KRS Chapter 13A.
The criteria for approval of eligible companies and economic revitalization projects
shall include but not be limited to the:
(a) Need for the project;
(b) New capital investment in the project that will result in financial stability for
the manufacturing or coal mining and processing facility; and
(c) Retention or expansion of the greatest number of employees at the
manufacturing or coal mining and processing facility.
With respect to each eligible company making an application to the authority for
inducements, and with respect to the project described in the application, the
authority shall make inquiries and request materials of the applicant, including but
not limited to written evidence that except for a substantial investment in the
project, assisted by the inducements authorized by KRS 154.26-015 to 154.26-100,
the eligible company will:
(a) Close its manufacturing or coal mining and processing facility; and
(b) Permanently lay off its employees and cease operations; or
(c) Not resume operations of a closed facility as permitted by KRS 154.26010(9).
The eligible company shall, in a manner acceptable to the authority, detail the
condition of the facility, including but not limited to financial, efficiency, and
productivity matters; explain in detail why the company intends to close the facility
or not resume operations of the facility as permitted by KRS 154.26-010(9); and set
out alternatives that are available to the company.
As a part of its application, an eligible company as described in KRS 154.26010(10)(b) may request an emergency declaration based upon the urgency of the
request and its impact on the local or regional economy.
A request for an emergency declaration shall be reviewed by the secretary of the
Cabinet for Economic Development, the secretary of the Education and Workforce
Development Cabinet, and the secretary of the Finance and Administration Cabinet
and their findings in connection with the emergency declaration shall be delivered
to the authority.
If the emergency declaration is granted in accordance with subsection (6) of this
section, the eligible company shall not be subject to the requirements contained in
subsection (8), (9), or (11) of this section.
In accordance with, and after the adoption of a resolution under subsection (10) of
this section, the authority shall engage the services of a competent consulting firm
or technical resource to analyze the data made available by the company, and to
collect and analyze additional information necessary to determine that, in the
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independent judgment of the consultant, the company will close the facility or not
resume operations of the facility as permitted by KRS 154.26-010(9) absent a
substantial investment in the project, assisted by the inducements authorized by
KRS 154.26-015 to 154.26-100. The company shall pay the cost of this evaluation.
The company shall cooperate with the consultant and provide all of the data which
could reasonably be required by the consultant to make a fair assessment of the
company's intentions to close the facility or not resume operations of the facility as
permitted by KRS 154.26-010(9).
After a review of relevant materials and completion of inquiries, the authority may,
by resolution, give its preliminary approval by designating an eligible company as a
preliminarily-approved company and authorizing the undertaking of the economic
revitalization project.
The authority shall review the report of the consultant and other information which
has been made available to it in order to assist the authority in determining whether
the company intends to close the facility for valid reasons or whether it intends or is
able to resume operations of the facility in accordance with the requirements of
KRS 154.26-010(10)(b) if inducements are granted. The authority shall determine
the potential of the proposed revitalization project to make the facility stable,
productive, and competitive in its market.
After the review of the consultant's report or if an emergency declaration has been
issued in accordance with subsection (6) of this section, the authority shall hold a
public hearing to solicit public comment from any person, group, or interested party
regarding the proposed project.
After the public hearing, the authority, by resolution, may:
(a) Declare the jobs then existing at the facility to be lost or the company unable
to resume operations as permitted by KRS 154.26-010(9);
(b) Give its final approval to the eligible company's application for a project; and
(c) Grant to the eligible company the status of an approved company.
The decision reached by the authority shall be final and no appeal shall be granted.
All meetings of the authority shall be held in accordance with KRS 61.805 to
61.850. The authority may, pursuant to KRS 61.815, hold closed sessions of its
meetings to discuss matters exempt from the open meetings law and pertaining to
an eligible company.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 11, sec. 42, effective June 25, 2009. -- Amended
2007 Ky. Acts ch. 71, sec. 2, effective March 23, 2007. -- Amended 2006 Ky. Acts
ch. 211, sec. 74, effective July 12, 2006. -- Amended 2001 Ky. Acts ch. 153, sec. 2,
effective March 20, 2001. -- Amended 1996 Ky. Acts ch. 194, sec. 46, effective July
15, 1996. -- Amended 1994 Ky. Acts ch. 450, sec. 24, effective July 15, 1994; and
ch. 499, sec. 25, effective July 15, 1994. – Created 1992 Ky. Acts ch. 359, sec. 9,
effective July 14, 1992.
Legislative Research Commission Note (3/23/2007). Under the authority of KRS
7.136(1), the Reviser of Statutes in codification has changed the internal numbering
system of subsections (2), (3), and (13) of this statute by inserting paragraph
divisions (a), (b), and (c). The meaning of the text renumbered is not changed.
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