KRS 65.490: Definitions for KRS 65.490 to 65.499.

As used in KRS 65.490 to 65.499, unless the context otherwise requires:

(1) "Agency" means an urban renewal and community development agency of a taxing

district located within a county containing a consolidated local government or a city

of the first clas s, established under KRS Chapter 99; a development authority

located within a county containing a consolidated local government or a city of the

first class established under KRS Chapter 99; a nonprofit corporation located within

a county containing a consolidated local government or a city of the first class; or a

designated department, division, or office of a county containing a consolidated

local government or of a city of the first class;

(2) "Development area" means an area no more than six (6) square miles, designated in

need of public improvements by a local or state government in a county containing

a consolidated local government or a city of the first class, a project area as defined

in KRS 99.615, or a public project as defined in KRS 58.010 in a county containing

a consolidated local government or a city of the first class. "Development area"

includes an existing economic development asset;

(3) "Existing development area" has the same meaning as in KRS 65.494;

(4) "Increment" means that amount of money received by any taxing district or the

state that is determined by subtracting the amount of old revenues from the amount

of new revenues in any year for which a taxing district or the state and an agency

have agreed upon under the terms of a contract of release or a grant contract;

(5) "Local government" means a county containing a consolidated local government or

a city of the first class;

(6) "New development area" has the same meaning as in KRS 65.494;

(7) "New revenues" means the revenues receiv ed by any taxing district or the state

from a development area in any year after the establishment of the development

area;

(8) "Old revenues" means the amount of revenues received by any taxing district or the

state from a development area in the last yea r prior to the establishment of the

development area;

(9) "Project" means any urban renewal, redevelopment, or public project undertaken in

accordance with the provisions of KRS 65.490 to 65.497, any project undertaken in

accordance with KRS 99.610 to 99.6 80, any project undertaken in accordance with

the provisions of KRS Chapter 58, or any "public project" as that term is defined in

KRS 58.010 undertaken by a nonprofit corporation located within a county

containing a consolidated local government or a city of the first class;

(10) "Release" or "contract of release" or "grant contract" means that agreement by

which a taxing district or the state permits the payment to an agency of a portion of

increments or an amount equal to a portion of increments received by it in return for

the b enefits accrued to the taxing district or the state by reason of a project

undertaken by an agency in a development area;

(11) "Taxing district" means a consolidated local government, a county containing a city

of the first class, a city of the first class that encompasses all or part of a

development area, or the state, but does not mean a school district; and

(12) "Pilot program" means a tax increment financing program or a grant program

created by an agency within a consolidated local government or a county containing

a city of the first class which shall exist for a period of:

(a) Twenty (20) years for an existing development area; and

(b) Thirty (30) years for a new development area;

and may be extended for a period not to exceed an additional twenty -five (25) years

as provided in KRS 65.4931.