154.25.010 Definitions for subchapter. - Kentucky Statutes

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Page 1 of 3 154.25-010 Definitions for subchapter. As used in this subchapter, unless the context clearly indicates otherwise:
(1) "Activation date" means a date selected by an approved company and set forth in the jobs retention agreement at any time within a three (3) year period after the date
of final approval of the agreement by the authority upon which the required
investment shall be made and the jobs retention project completed; (2) "Agreement" means a jobs retention agreement entered into pursuant to KRS 154.25-030 on behalf of the authority and an approved company with respect to a
jobs retention project; (3) "Approved company" means any eligible company approved by the authority pursuant to KRS 154.25-030 for a jobs retention project; (4) "Approved costs" means that portion of the eligible costs approved by the authority that an approved company may recover through the inducements authorized by KRS
154.25-030, being a percentage of eligible costs as approved by the authority; (5) "Assessment" means the wage assessment fee authorized by KRS 154.25-040;
(6) "Authority" means the Kentucky Economic Development Finance Authority created by KRS 154.20-010; (7) "Commonwealth" means the Commonwealth of Kentucky;
(8) "Eligible company" means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or any other entity
designated by the United States Department of Commerce, United States Census
Bureau North American Industry Classification System Code of 336211, 336111,
336112, or 336120 that is within the jurisdiction of a consolidated local government
containing a city of the first class, employs a minimum of one thousand (1,000) full-
time persons engaged in manufacturing, has been operating within the
Commonwealth on a continuous basis for at least five (5) years preceding the
request for approval by the authority of the project which meets the standards set
forth in KRS 154.25-020, and that has been previously approved for economic
development incentives from the Commonwealth related to one (1) or more of its
facilities; (9) "Eligible costs" means: (a) Obligations incurred for labor and to vendors, contractors, subcontractors, builders, suppliers, deliverymen, and materialmen in connection with the
acquisition, construction, equipping, rehabilitation, and installation of a jobs
retention project; (b) The cost of contract bonds and of insurance of all kinds that may be required or necessary during the course of a jobs retention project which is not paid by
the vendor, supplier, deliveryman, contractor, or otherwise provided; (c) All costs of architectural and engineering services, including estimates, plans and specifications, preliminary investigations, and supervision of construction,
rehabilitation, and installation, as well as for the performance of all the duties Page 2 of 3 required by or consequent upon the acquisition, construction, equipping,
rehabilitation, and installation of a jobs retention project; (d) All costs required to be paid under the terms of any contract for the acquisition, construction, equipping, rehabilitation, and installation of a jobs
retention project; (e) All costs required for the installation of utilities, including but not limited to water, sewer, sewer treatment, gas, electricity, communications, and railroads,
and including off-site construction of the facilities paid for by the approved
company; and (f) All other costs comparable with those described above; (10) "Final approval" means the action taken by the authority authorizing the eligible company to receive inducements under this subchapter; (11) "Inducements" means the Kentucky tax credit and the wage assessment fee as prescribed in KRS 154.25-030 and 154.25-040; (12) "Jobs retention project" or "project" means the acquisition, construction, and installation of new equipment and, with respect thereto, the construction,
rehabilitation, and installation of improvements to facilities necessary to house the
acquisition, construction, and installation of new equipment, including surveys;
installation of utilities, including water, sewer, sewage treatment, gas, electricity,
communications, and similar facilities; off-site construction of utility extensions to
the boundaries of the real estate on which the facilities are located; and shall contain
eligible costs of not less than one hundred million dollars ($100,000,000), all of
which are utilized to improve the economic and operational situation of an
approved company to allow the approved company to reinvest in its operations and
retain a significant number of existing jobs within the Commonwealth; (13) "Kentucky gross profits" means Kentucky gross profits as defined in KRS 141.0401; (14) "Kentucky gross receipts" means Kentucky gross receipts as defined in KRS 141.0401; (15) "Manufacturing" means any activity involving the manufacturing, processing, assembling, or production of any property, including the processing that results in a
change in the condition of the property and any related activity or function, together
with the storage, warehousing, distribution, and related office facilities; (16) "Preliminary approval" means the action taken by the authority conditioning final approval by the authority upon satisfaction by the eligible company of the
requirements under this subchapter; (17) "Supplemental project" means a second jobs retention project proposed by the approved company or its affiliate during the term of a jobs retention project which
may be included in the jobs retention agreement by way of amendment and which
may result in increased inducements and an extension of the original project term;
and (18) "Transferred credits" means unused approved costs as determined by the Department of Revenue from a previously approved, independent, active project Page 3 of 3 under a different incentive program governed by the Cabinet for Economic
Development that may be transferred to a jobs retention project and used by the
approved company pursuant to a jobs retention agreement. Effective: March 23, 2007
History: Created 2007 Ky. Acts ch. 91, sec. 1, effective March 23, 2007.