154.25.050 Supplemental projects -- Application for and approval of -- Project's activation date -- Inducements, when authorized. - Kentucky Statutes

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Page 1 of 1 154.25-050 Supplemental projects -- Application for and approval of -- Project's activation date -- Inducements, when authorized. (1) If an approved company makes an additional investment in the form of a second jobs retention project within the jurisdiction of the same consolidated local
government containing a city of the first class during the term of the initial jobs
retention project, the approved company may apply for, and the authority may
approve, a supplemental project. (2) The authority, upon adoption of its final approval of a supplemental project, may enter into, with any approved company, an amended agreement with respect to both
the initial jobs retention project and the supplemental project which shall jointly
make up its project. The terms and provisions of each amended agreement,
including the amount of approved costs, the amount of the tax credit pursuant to
KRS 154.25-030, the job maintenance requirement established by the agreement,
and any limitations the authority may deem necessary, shall be determined by
negotiations between the authority and the approved company, except that each
agreement shall include the following provisions:
(a) Upon approval of a supplemental project, the amount the approved company may recover through inducements for both projects shall be a negotiated
percentage not to exceed seventy-five percent (75%) of the balance of
approved costs from the initial project and all newly incurred approved costs
from the supplemental project, subject to the annual maximum negotiated and
approved by the authority. At the time the supplemental project is approved,
the recoverable amount and the annual maximum inducement on the initial
jobs retention project may also be increased at the discretion of the authority
pursuant to KRS 154.25-030. (b) The activation date for the supplemental project shall be no more than three (3) years from final approval of the supplemental project. Prior to the
activation date, the authority may extend the time for the completion of the
jobs retention project and compliance with the required investment upon
request of the approved company for good cause; however, the ten (10) year
period for the term of the agreement shall begin from the activation date.
Within three (3) months of the completion date for the supplemental project,
the approved company shall document the actual cost of the project in a
manner acceptable to the authority. The authority may employ an independent
consultant to verify the cost of the supplemental project subject to
reimbursement for the cost of same from the approved company. (c) In consideration of the execution of the amended agreement, on the date stated in the agreement, the approved company may be permitted during the term of
the amended agreement to take the inducements set forth in KRS 154.25-
030(2)(b) and (2)(c), subject to the remaining terms of that section. Effective: March 23, 2007
History: Created 2007 Ky. Acts ch. 91, sec. 5, effective March 23, 2007.