KRS 56.505: Legislative intent respecting industrial development projects.

(1) It is hereby found, determined and declared as a legislative finding of fact that the

general welfare and well-being of the citizens of the Commonwealth is inextricably

connected with and related to the economic opportunities which may be created and

made available to them and that it is the legitimate business of Kentucky state

government in an increasingly complex society to provide to the maximum extent

practicable the impetus for economic development in the Commonwealth by the

creation and financing of programs which will directly and proximately cause the

location of major industries in the Commonwealth.

(2) It is hereby further found, determined and declared as a legislative finding of fact

that the establishment of major manufacturing, processing and assembling facilities

on sites which may be acquired and developed by the Commonwealth for such uses

will proximately result in increased tax revenues to the Commonwealth, as taxing

entity, including state corporate income taxes, state income taxes paid by employees

who work in such facilities, state property taxes, state corporation license taxes and

state sales and use taxes, which would not be received by the Commonwealth but

for the establishment of such manufacturing, processing and assembling faciliti es

and which tax receipts are hereby found, determined and declared to constitute

receipt of value by the Commonwealth for the lease or conveyance of any such

sites, as developed and improved, to persons, firms and corporations establishing

major manufacturing, processing and assembling facilities on such sites.

(3) It is the purpose of KRS 56.510, 56.513 and 56.514 to promote the gainful

employment, business and economic development opportunities and general welfare

of the citizens and residents of the Com monwealth by the creation of authority to

enable the Commonwealth to acquire real estate for use as manufacturing,

processing and assembling sites, and to develop such sites for occupancy, use, lease

or conveyance to industrial corporations, partnerships a nd other entities which will

provide citizens and residents of the Commonwealth with employment

opportunities and will provide to the Commonwealth additional tax revenues. The

authority granted by KRS 56.510, 56.513 and 56.514 and the purposes to be

accomplished by this section are hereby declared to be public purposes for which

public money may be expended. The General Assembly hereby declares that

financing the acquisition and development of sites for industries pursuant to KRS

56.510, 56.513 and 56.514 is governmental and public in nature.