65.493 Development areas for tax increment financing -- Qualifications. - Kentucky Statutes

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Page 1 of 1 65.493 Development areas for tax increment financing -- Qualifications. (1) A county containing a city of the first class or a city of the first class may establish a development area for the purpose of creating a pilot program to utilize tax
increment financing or a grant program based upon the increment in state tax
revenues for the redevelopment and revitalization of these development areas within
their communities. (2) A development area in a county containing a city of the first class shall be located within ten (10) miles of the central business district of the largest city within the
county and shall be within one (1) mile of one (1) or more economic development
assets having employers, with at least one thousand (1,000) employees, who will
leverage and promote investment in the zone. (3) A development area in a county containing a city of the first class shall have adequate roads, sewers, water, rail service, and an interstate highway interchange
directly available. (4) At least fifty percent (50%) of a development area in a county containing a city of the first class, excluding roads, utility easements, and other infrastructure-related
improvements, shall be composed of land that is a brownfield site or other land
compatible for industrial or commercial uses to permit and facilitate redevelopment
and reuse of land in the development area compatible with the adjacent economic
development assets. Effective: July 14, 2000
History: Created 2000 Ky. Acts ch. 326, sec. 3, effective July 14, 2000.