KRS 154.20-210: Agreement between authority and approved company.

Before any approved company is granted inducements as provided in KRS 154.20 -200 to

154.20-216, an agreement with respect to the company's economic development project

shall be entered into between the authority and the approved company. The terms and

provisions of the agreement, including the amount of approved expenses and the

maximum inducement, shall be determined by negotiations between the authority and the

approved company, except that each agreement shall include the following provisions:

(1) The term of an agreement shall not be longer than eighteen (18) months from the

date of approval of the company. The agreement may be extended by the authority

an additional twelve (12) months for good cause shown by approval of the authority

and notation upon t he face of the agreement. The authority shall notify the

Department of Revenue of any such extension; and

(2) The agreement shall include:

(a) A description of the project for which the inducements have been authorized;

(b) A description of the authorized expenses;

(c) The total inducements allowed for the project, not to exceed the amount

negotiated by the authority and the company; and

(d) A provision that the inducements are not assignable without written notice to

the authority before any assignment is made.