154.25.020 Criteria for approval of eligible companies and job retention projects -- Preliminary approval. - Kentucky Statutes

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Page 1 of 1 154.25-020 Criteria for approval of eligible companies and job retention projects -- Preliminary approval. (1) The criteria for approval of eligible companies and jobs retention projects shall include but not be limited to:
(a) The need for the project, as indicated by the impact of the existing facility upon the local community and the economic and employment impact that the
loss of the facility would have; (b) The new capital investment in its facilities and the likelihood that the capital investment will increase potential for sustainability of its workforce and
facilities in the future; and (c) The retention or creation of employment at the facility where the jobs retention project will occur as well as any other facilities owned by the
approved company in the Commonwealth. (2) With respect to each eligible company making an application to the authority for inducements, and with respect to the economic development project described in the
application, the authority shall request materials and make inquiries of the applicant
as necessary or appropriate. Upon review of the application and completion of
initial inquiries, the authority may, by resolution, give its preliminary approval by
designating an eligible company as a preliminarily approved company and
authorizing the undertaking of the jobs retention project. The authority and the
preliminarily approved company shall enter into a memorandum of agreement that
sets forth the conditions necessary for the company to obtain final approval of the
project. Upon satisfaction of the conditions set forth in the memorandum of
agreement, the authority may, by resolution, designate the preliminarily approved
company to be an approved company and authorize the execution of a jobs retention
agreement. Effective: March 23, 2007
History: Created 2007 Ky. Acts ch. 91, sec. 2, effective March 23, 2007.