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148.859 Agreement between authority and approved company.
(1)
The authority, upon adoption of its final approval, may enter into a tourism
development agreement with any approved company. The terms of the
agreement shall be negotiated between the authority and the approved
company and shall include but not be limited to:
(a) The amount of approved costs;
(b) That any increase in approved costs incurred by the approved company
and agreed to by the authority shall apply retroactively for purposes of
calculating the carry forward for unused incentives;
(c) A date certain by which the approved company shall have completed the
tourism development project;
(d) That the authority may grant an extension or change, which in no event
shall exceed three (3) years from the date of final approval, to the
completion date as specified in the agreement of an approved company;
(e) That within three (3) months of the completion date, the approved
company shall document the actual cost of the tourism development
project through a certification of the costs to be provided by an
independent certified public accountant acceptable to the authority;
(f) The term of the tourism development agreement and the maximum
amount of recovery;
(g) That within forty-five (45) days after the end of each fiscal year of the
approved company, during the term of the agreement, the approved
company shall supply the authority with reports and certifications as the
authority may request demonstrating to the satisfaction of the authority
that the approved company is in compliance with the provisions of KRS
139.536 and KRS 148.851 to 148.860;
(h) That the approved company shall notify the authority if any change in
ownership of the tourism attraction is contemplated. The authority shall
reserve the option to renegotiate the terms of the agreement or, if the
change in ownership is detrimental to the Commonwealth, the authority
may terminate the agreement;
(i) That the approved company shall not receive a sales tax incentive as
prescribed by KRS 139.536 with respect to any fiscal year if the
requirements of KRS 148.853(2) have not been met;
(j) That the authority may grant an extension of up to three (3) years to the
completion date in addition to the extension provided for in paragraph (d)
of this subsection, to an approved company that has completed at least
fifty percent (50%) of an entertainment destination center project;
(k) That in no event shall the completion date be more than six (6) years
from the date of final approval; and
(l) That the extension provided for in paragraph (j) of this subsection shall be
subject to the following conditions:
1.
The approved company shall have spent or have contractually
obligated to spend an amount equal to or greater than the amount of
approved costs set forth in the initial agreement;
2.
(2)
The term of the agreement shall not be extended, except as
provided in KRS 148.853(3)(b)4.; and
3.
The scope of the entertainment destination center project, as set
forth in the initial agreement, shall not be altered to include new or
additional entertainment and leisure options.
The agreement, including the incentives provided under KRS 148.853, shall
not be transferable or assignable by the approved company without the written
consent of the authority and a passage of a resolution approving the proposed
assignee of the incentives as an approved company.
Effective:June 26, 2009
History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 40, effective June
26, 2009. -- Amended 2005 Ky. Acts ch. 85, sec. 565, effective June 20, 2005;
ch. 184, sec. 16, effective June 20, 2005; and ch. 173, Pt. XXIV, sec. 2, effective
March 20, 2005. -- Amended 2003 Ky. Acts ch. 73, sec. 5, effective March 18,
2003. -- Repealed, reenacted, and amended 2001 Ky. Acts ch. 1, sec. 6,
effective June 21, 2001. -- Amended 2000 Ky. Acts ch. 300, sec. 24, effective
July 14, 2000; and ch. 315, sec. 1, effective July 14, 2000. -- Amended 1998 Ky.
Acts ch. 238, sec. 4, effective April 1, 1998. -- Created 1996 Ky. Acts ch. 335,
sec. 5, effective July 15, 1996.
Formerly codified as KRS 154.29-050.
Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts chs. 11, 85,
95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory
references to agencies and officers whose names have been changed in 2005
legislation confirming the reorganization of the executive branch. Such a
correction has been made in this section.
Legislative Research Commission Note (6/21/2001). This is former KRS
154.29-050 as amended by 2001 Ky. Acts ch. 1, sec. 6, and renumbered by the
Reviser of Statutes under KRS 7.136(1).
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