KRS 154.34-080: Reinvestment agreement -- Terms and provisions.

The authority, upon final approval of a company, may enter into a reinvestment

agreement with the approved company. The terms and conditions of the reinvestment

agreement shall be negotiated between the authority and the approved company. The

terms of the reinvestment agreement shall include but not be limited to the following

provisions:

(1) That the authority may employ an independent consultant or utilize technical

resources to verify the cost of the project, and that the approved company shall

reimburse the authority for the cost of a consultant or other technical resources

employed by the authority;

(2) The maximum approved costs that may be recovered, and that the amount of

incentives allowed in any year shall not exceed twenty percent (20%) of the tot al

amount of the approved costs;

(3) A set employment retention goal, which shall be at least eighty -five percent (85%)

of the number of full -time employees employed at the facility on the date the

company receives preliminary approval;

(4) That approval of the company is not a guarantee of incentives and that eligibility for

incentives shall be contingent on the approved company meeting the requirements

established by the reinvestment agreement and this subchapter;

(5) The term of the reinvestment agreemen t, which shall not be longer than the earlier

of:

(a) The date on which the approved company has received incentives equal to the

approved costs of its reinvestment project; or

(b) Ten (10) years from the date of final approval granted by the authority;

(6) That the authority may reduce the incentives, suspend the incentives, or terminate

the agreement if the approved company fails to comply with provisions of the

reinvestment agreement;

(7) That both the authority and the department shall have the right to pursue any

remedy provided under this reinvestment agreement and any other remedy at law to

which it may be entitled;

(8) That the approved company shall make available to the department and the

authority all of its records pertaining to the reinvestment project, including but not

limited to payroll records, records relating to the expenditure of eligible equipment

and related costs, and approved costs, and any other records pertaining to the project

as the authority or the department may require;

(9) That the authority may share information with the department for the purposes of

monitoring and enforcing the terms of the reinvestment agreement;

(10) That the agreement shall not be transferred or assigned by the approved company

without the expressed written consent of the authority; and

(11) Any other provisions not inconsistent with this subchapter and determined to be

necessary or appropriate by the parties to the reinvestment agreement.