Kentucky Statutes 154.21-030 – Application processes — Annual report
Current as of: 2024 | Check for updates
|
Other versions
(1) In the implementation of the Kentucky Product Development Initiative, the
Kentucky Association for Economic Development shall: (a) Process the grant applications;
(b) Determine whether a grant applicant is an eligible grant recipient and seeking a grant for an eligible project;
(c) Evaluate the project site cited or proposed by each grant applicant in accordance with the program’s evaluation model described in KRS § 154.21-035 and based on the criteria recommended by the third-party independent site selection consultant;
(d) Score each grant applicant’s project pursuant to the scoring system described in KRS § 154.21-040;
(e) Rank the grant applicants:
1. In a manner that prioritizes the greatest return on investment, workforce creation, and relative positive impact on the community; and
2. Based on the project site evaluation and subsequent project score described in KRS § 154.21-035 and KRS § 154.21-040;
(f) Compile a list of proposed grant recipients whose eligible project demonstrates a high level of investment potential if a grant is made, as revealed by the evaluation, scoring, and ranking process described in this section and KRS § 154.21-035 and KRS § 154.21-040;
(g) Submit the proposed grant recipients and their prioritization to the cabinet for final selection of the grant recipients;
(h) Provide detailed feedback to all grant applicants after the project site evaluation and project score are completed; and
(i) Compile an annual report for the cabinet conveying the following information about the program:
1. A list of all program applicants;
2. The identity of applicants who were not selected for recommendation;
3. Trends found in feedback given to applicants who were not selected for recommendation;
4. Eligible uses of the properties cited in the grant applications; and
5. Any other information requested by the cabinet.
(2) The Kentucky Association for Economic Development shall contract with a third- party independent site selection consultant to assist with the grant applicant site evaluations, scoring, prioritization, and recommendations described in this section and KRS § 154.21-035 and KRS § 154.21-040.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 176, sec. 5, effective July 14, 2022.
Legislative Research Commission Note (7/14/2022). In codification, a correction has been made to subsection (1)(c) of this statute. 2022 House Bill 745, Section 5, which
created this statute, contained a reference in subsection (1)(c) to “Section 7 of this Act,” which has been codified as KRS § 154.21-040. However, it is clear from the text and context that the reference was intended to read “Section 6 of this Act,” which has been codified as KRS § 154.21-035. Under the authority of KRS § 7.136, the Reviser of Statutes has corrected this reference.
Kentucky Association for Economic Development shall: (a) Process the grant applications;
Terms Used In Kentucky Statutes 154.21-030
- Authority: means the Kentucky Economic Development Finance Authority, consisting of a committee as set forth in KRS §. See Kentucky Statutes 154.1-010
- Cabinet: means the Cabinet for Economic Development as established under KRS
12. See Kentucky Statutes 154.1-010 - Contract: A legal written agreement that becomes binding when signed.
- Project: includes but is not limited to agribusiness, agricultural or forestry production, harvesting, storage, or processing facilities or equipment. See Kentucky Statutes 154.1-010
- Statute: A law passed by a legislature.
(b) Determine whether a grant applicant is an eligible grant recipient and seeking a grant for an eligible project;
(c) Evaluate the project site cited or proposed by each grant applicant in accordance with the program’s evaluation model described in KRS § 154.21-035 and based on the criteria recommended by the third-party independent site selection consultant;
(d) Score each grant applicant’s project pursuant to the scoring system described in KRS § 154.21-040;
(e) Rank the grant applicants:
1. In a manner that prioritizes the greatest return on investment, workforce creation, and relative positive impact on the community; and
2. Based on the project site evaluation and subsequent project score described in KRS § 154.21-035 and KRS § 154.21-040;
(f) Compile a list of proposed grant recipients whose eligible project demonstrates a high level of investment potential if a grant is made, as revealed by the evaluation, scoring, and ranking process described in this section and KRS § 154.21-035 and KRS § 154.21-040;
(g) Submit the proposed grant recipients and their prioritization to the cabinet for final selection of the grant recipients;
(h) Provide detailed feedback to all grant applicants after the project site evaluation and project score are completed; and
(i) Compile an annual report for the cabinet conveying the following information about the program:
1. A list of all program applicants;
2. The identity of applicants who were not selected for recommendation;
3. Trends found in feedback given to applicants who were not selected for recommendation;
4. Eligible uses of the properties cited in the grant applications; and
5. Any other information requested by the cabinet.
(2) The Kentucky Association for Economic Development shall contract with a third- party independent site selection consultant to assist with the grant applicant site evaluations, scoring, prioritization, and recommendations described in this section and KRS § 154.21-035 and KRS § 154.21-040.
Effective: July 14, 2022
History: Created 2022 Ky. Acts ch. 176, sec. 5, effective July 14, 2022.
Legislative Research Commission Note (7/14/2022). In codification, a correction has been made to subsection (1)(c) of this statute. 2022 House Bill 745, Section 5, which
created this statute, contained a reference in subsection (1)(c) to “Section 7 of this Act,” which has been codified as KRS § 154.21-040. However, it is clear from the text and context that the reference was intended to read “Section 6 of this Act,” which has been codified as KRS § 154.21-035. Under the authority of KRS § 7.136, the Reviser of Statutes has corrected this reference.