KRS 154.25-010: Definitions for subchapter.

As used in this subchapter:

(1) "Activation date" means a date selected by an approved company and set forth in

the jobs retention agreement at any time within a three (3) year period after the date

of final approval of the agreement by the authority upon which the required

investment shall be made and the jobs retention project completed;

(2) "Agreement" means a jobs retention agreement entered into pursuant to KRS

154.25-030 on behalf of the authority and an approved company with respect to a

jobs retention project;

(3) "Agribusiness" has the same meaning as in KRS 154.32-010;

(4) "Approved company" means any eligible company approved by the authority

pursuant to KRS 154.25-030 for a jobs retention project;

(5) "Approved costs" means that portion of the eligible costs approved by the aut hority

that an approved company may recover through the inducements authorized by

KRS 154.25-030, being a percentage of eligible costs as approved by the authority;

(6) "Assessment" means the wage assessment fee authorized by KRS 154.25-040;

(7) "Authority" means the Kentucky Economic Development Finance Authority

created by KRS 154.20-010;

(8) "Commonwealth" means the Commonwealth of Kentucky;

(9) "Eligible company":

(a) 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 154.25 -020, has been

previously approved for economic development incentives from the

Commonwealth related to one (1) or more of its facilities, and employs a

minimum of two hundred fifty (250) full -time persons for a project located in

a heritage county or one thousand (1,000) full -time persons for a project

located in any other county, engaged in one (1) or more of the following

activities:

1. Manufacturing;

2. Agribusiness;

3. Nonretail service or technology; or

4. Headquarters operations, regardless of the underlying business activity

of the company; and

(b) Does not include companies where the primary activity to be conducted

within the Commonwealth is forest ry, fishing, mining, coal or mineral

processing, the provision of utilities, construction, wholesale trade, retail

trade, real estate, rental and leasing, educational services, accommodation and

food services, or public administration services;

(10) "Eligible costs" means:

(a) Obligations incurred for labor and to vendors, contractors, subcontractors,

builders, suppliers, deliverymen, and materialmen in connection with the

acquisition, construction, equipping, rehabilitation, and installation of a jobs

retention project;

(b) The cost of contract bonds and of insurance of all kinds that may be required

or necessary during the course of a jobs retention project which is not paid by

the vendor, supplier, deliveryman, contractor, or otherwise provided;

(c) All costs of architectural and engineering services, including estimates, plans

and specifications, preliminary investigations, and supervision of

construction, rehabilitation, and installation, as well as for the performance of

all the duties required by or co nsequent upon the acquisition, construction,

equipping, rehabilitation, and installation of a jobs retention project;

(d) All costs required to be paid under the terms of any contract for the

acquisition, construction, equipping, rehabilitation, and instal lation of a jobs

retention project;

(e) All costs required for the installation of utilities, including but not limited to

water, sewer, sewer treatment, gas, electricity, communications, and railroads,

and including off -site construction of the facilities paid for by the approved

company; and

(f) All other costs comparable with those described above;

(11) "Final approval" means the action taken by the authority authorizing the eligible

company to receive inducements under this subchapter;

(12) "Headquarters" has the same meaning as in KRS 154.32-010;

(13) "Heritage county" means a county where the county population ranking determined

by the cabinet under KRS 154.21 -017 scores greater than or equal to ninety -seven

(97);

(14) "Inducements" means the Kentucky tax credit and the wage assessment fee as

prescribed in KRS 154.25-030 and 154.25-040;

(15) "Jobs retention project" or "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;

installation of utilities, including water, sewer, sewage treatment, gas, electricity,

communications, and similar facilities; off -site construction of utility extensions to

the boundaries of the real estate on which the facilities are located; and shall contain

eligible costs of not less than twenty-five million dollars ($25,000,000) for a project

located in a heritage county or one hundred million dollars ($100,000,000) for a

project located in any other county, all of which are utilized to improve the

economic and operational situation of an approved company to allow the approved

company to reinvest i n its operations and retain a significant number of existing

jobs within the Commonwealth;

(16) "Kentucky gross profits" means Kentucky gross profits as defined in KRS

141.0401;

(17) "Kentucky gross receipts" means Kentucky gross receipts as defined in KRS

141.0401;

(18) "Manufacturing" has the same meaning as in KRS 154.32-010;

(19) "Nonretail service or technology" has the same meaning as in KRS 154.32-010;

(20) "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;

(21) "Supplemental project" means an additional jobs retention project proposed by the

approved company or its affiliate during the term of a previously appr oved jobs

retention project, which may be included in the jobs retention agreement by way of

amendment and which may result in increased inducements and an extension of the

original project term as set forth in KRS 154.25-050; and

(22) "Transferred credits " means unused approved costs as determined by the

Department of Revenue from a previously approved, independent, active project

under a different incentive program governed by the Cabinet for Economic

Development that may be transferred to a jobs retentio n project and used by the

approved company pursuant to a jobs retention agreement.