2006 Kentucky Revised Statutes - .070   Standards for determination of eligibility -- Review of application -- Preliminary and final approval of company by authority.

154.34-070 Standards for determination of eligibility -- Review of application -- Preliminary and final approval of company by authority. (1) The authority may establish standards for the determination and preliminary approval of eligible companies and their projects by the promulgation of administrative regulations in accordance with the provisions of KRS Chapter 13A. (2) The criteria for preliminary approval of eligible companies and reinvestment projects shall include but not be limited to the need for the project, the eligible costs to be expended by the eligible company, and the number of employees whose jobs are to be created or retained as a result of the project. (3) Each eligible company making an application to the authority for inducements shall, in a manner acceptable to the authority, describe the condition of the existing facility, including but not limited to financial, efficiency, and productivity matters; explain the reasons required for reinvestment in the facility; identify the time schedule of the proposed project; set out alternatives that are available to the eligible company; explain the need for the inducements for the eligible company to undertake the project; and provide any additional information relating to the project as the authority may require. (4) 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 authorize a conditional undertaking of the project pursuant to a memorandum of agreement negotiated between the eligible company and the authority. (5) The preliminarily approved company shall, in a manner acceptable to the authority and at certain times as the authority may require, provide documentation relating to the eligible costs expended or obligated in connection with the project. The authority shall review the preliminarily approved company's progress in connection with the project to determine if the conditions set forth in the memorandum of agreement have been met. (6) After July 1, 2004, and upon a review of the documentation relating to the preliminarily approved company's compliance under the memorandum of agreement, the authority, by resolution, may give its final approval to the preliminarily approved company's application for a reinvestment project and may grant to the preliminarily approved company the status of an approved company. (7) 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 24, 2003 History: Created 2003 Ky. Acts ch. 148, sec. 7, effective June 24, 2003. Page 1 of 1