2013 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.
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65.7057 Permitted sources for local funding for redevelopment assistance or
projects -- Special assessments -- Local participation agreement
required.
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(2)
(3)
(4)
(5)
(6)
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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