Kentucky Statutes 154.25-020 – Criteria for approval of eligible companies and job retention projects — Preliminary approval
Current as of: 2024 | Check for updates
|
Other versions
(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.
(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;
Terms Used In Kentucky Statutes 154.25-020
- Agreement: means a jobs retention agreement entered into pursuant to KRS
154. See Kentucky Statutes 154.25-010 - Approved company: means any eligible company approved by the authority pursuant to KRS §. See Kentucky Statutes 154.25-010
- Authority: means the Kentucky Economic Development Finance Authority created by KRS §. See Kentucky Statutes 154.25-010
- Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.25-010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Eligible company: means any corporation, limited liability company, partnership, limited partnership, sole proprietorship, business trust, or any other entity that has been operating within the Commonwealth on a continuous basis for at least sixty (60) months preceding the request for approval by the authority of the project which meets the standards set forth in KRS §. See Kentucky Statutes 154.25-010
- Final approval: means the action taken by the authority authorizing the eligible company to receive inducements under this subchapter. See Kentucky Statutes 154.25-010
- Inducements: means the Kentucky tax credit and the wage assessment fee as prescribed in KRS §. See Kentucky Statutes 154.25-010
- 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. See Kentucky Statutes 154.25-010 - 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. See Kentucky Statutes 154.25-010
(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.