Kentucky Statutes 154.21-015 – Definitions for KRS 154.21-010 to 154.21-040
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As used in KRS § 154.21-010 to KRS § 154.21-040:
(1) “Cabinet” means the Cabinet for Economic Development;
(2) “Eligible grant recipient” means a grant applicant that is a local government or an economic development authority in an economic development district in this Commonwealth that is engaged in an eligible project;
(3) “Eligible project” means an economic development project with available matching funds for the project on a dollar-for-dollar basis that is either:
(a) Initiated on publicly owned property; or
(b) If the project’s eligible use includes property acquisition or a due diligence study, then the property shall come with either a:
1. Legally binding letter of intent or option for the sale to an eligible grant recipient; or
2. Sale agreement for the sale to an eligible grant recipient;
(4) “Eligible use” means the authorized purpose for which an awarded grant may be used depending on the source of funds from the Commonwealth. “Eligible use” may include but is not limited to expenditure in any of the following categories or some combination thereof:
(a) Due diligence study; (b) Property acquisition;
(c) Infrastructure extension or improvement; (d) Site preparation work;
(e) Building construction or renovation; or
(f) Road improvement; and
(5) “Regional project” means an eligible project that is proposed by eligible grant recipients residing in different counties in this Commonwealth who submit a single grant application as co-applicants.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 12, sec. 3, effective June 29, 2023. — Created
2022 Ky. Acts ch. 176, sec. 2, effective July 14, 2022.
(1) “Cabinet” means the Cabinet for Economic Development;
Terms Used In Kentucky Statutes 154.21-015
- 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 - Commonwealth: means the Commonwealth of Kentucky. See Kentucky Statutes 154.1-010
- 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
(2) “Eligible grant recipient” means a grant applicant that is a local government or an economic development authority in an economic development district in this Commonwealth that is engaged in an eligible project;
(3) “Eligible project” means an economic development project with available matching funds for the project on a dollar-for-dollar basis that is either:
(a) Initiated on publicly owned property; or
(b) If the project’s eligible use includes property acquisition or a due diligence study, then the property shall come with either a:
1. Legally binding letter of intent or option for the sale to an eligible grant recipient; or
2. Sale agreement for the sale to an eligible grant recipient;
(4) “Eligible use” means the authorized purpose for which an awarded grant may be used depending on the source of funds from the Commonwealth. “Eligible use” may include but is not limited to expenditure in any of the following categories or some combination thereof:
(a) Due diligence study; (b) Property acquisition;
(c) Infrastructure extension or improvement; (d) Site preparation work;
(e) Building construction or renovation; or
(f) Road improvement; and
(5) “Regional project” means an eligible project that is proposed by eligible grant recipients residing in different counties in this Commonwealth who submit a single grant application as co-applicants.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 12, sec. 3, effective June 29, 2023. — Created
2022 Ky. Acts ch. 176, sec. 2, effective July 14, 2022.