KRS 154.25-020: Criteria for approval of eligible companies and job retention projects --

Preliminary approval.

(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 in dicated 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 in crease 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 s atisfaction 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.