2016 Kentucky Revised Statutes CHAPTER 154 - DEVELOPMENT Subchapter 33 - Appalachian Development 154.33-552 Uses of Kentucky Appalachian regional development fund -- Applications for funding -- Criteria for approval -- Administrative regulations.
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154.33-552
Uses of Kentucky Appalachian regional development fund -Applications for funding -- Criteria for approval -- Administrative regulations.
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The Kentucky Appalachian regional development fund shall be used only to support
job creation and retention, entrepreneurship, tourism, broadband deployment,
education and lifelong learning, workforce training, leadership development, public
engagement, health and wellness, arts and heritage, infrastructure, economic
diversity, and sustainable agricultural practices and food systems within and across
counties in the region.
The following entities may apply for loans, grants, or investments from the fund:
(a) Nonprofit corporations that have or are actively seeking 501(c)(3) status, are
registered to do business in the Commonwealth, are established to conduct
business in accordance with the purposes of the Shaping Our Appalachian
Region initiative, and that have a physical presence within the region;
(b) Working groups or other formally designated entities representing Shaping
Our Appalachian Region, Inc. as documented by resolution of the board or the
board itself; and
(c) Departments, divisions, or offices of a county or city within the region.
Applications shall be submitted to the executive director who shall confirm
completeness and shall then submit applications to the board for consideration.
The board shall consider whether and to what extent the applications are consistent
with the purposes specified in subsection (1) of this section. It shall then forward
the applications to the commissioner with recommendations for approval or
disapproval, giving priority to initiatives that present the greatest likelihood of
regionwide economic impact.
The criteria to be used by the board in recommending applications to the
commissioner shall include:
(a) The unemployment level in each community where the project will be located;
(b) The likelihood that the project will generate future revenue for the community
or the Commonwealth;
(c) The number of new direct or indirect jobs to be provided for the residents of
the Commonwealth and the wages to be paid;
(d) The degree to which the project will benefit the economies and communities
in multiple jurisdictions within the region;
(e) Funding match from the local community and private sector persons or
foundations; and
(f) The likelihood of the economic success of the project, including the ability of
the project to sustain itself in the future.
The commissioner shall have authority to approve the application and shall, in
consultation with the secretary of the Cabinet for Economic Development,
determine reasonable terms and conditions for the loan, grant, or investment.
Money in the Kentucky Appalachian regional development fund may be disbursed
by the applicant to any person or entity, public or private, organized for profit or not
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for profit, or any combination thereof with a geographical presence in the region as
set forth in the application and approved by the commissioner, but the applicant
shall be responsible for appropriate monitoring and reporting of the use of funds by
the recipient.
The Department for Local Government may promulgate administrative regulations
in accordance with KRS Chapter 13A to implement the provisions of this section
and KRS 154.33-554 and 154.33-556.
Effective: June 24, 2015
History: Created 2015 Ky. Acts ch. 58, sec. 3, effective June 24, 2015.
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