KRS 65.497: State and local development contracts for benefits derived by taxing

authority -- Annual renewal.

(1) Each taxing district is authorized to execute a contract of release with any agency in

acknowledgment of benefits to be derived by it within the development area with an

existing economic development asset as leveraged in part by the undertaking of a

project, and in order to promote the public purposes of the taxing district.

(2) Any contract signed for the release of increments shall be made on the bas is of

automatic year -to-year renewals, with the option to discontinue upon sixty (60)

days' notice before the end of any annual termination date of the contract.

(3) The state, acting by and through the Governor, is authorized to execute a grant

contract with any agency in acknowledgment of benefits to be derived by it with the

development area with an existing economic development asset as leveraged in part

by the undertaking of a project, and in order to promote the public purpose of the

state.

(4) Any grant contract signed for an amount equal to the increment derived from the

development area shall be made on the basis of automatic year -to-year renewals,

with the option to discontinue upon sixty (60) days' notice before the end of any

annual termination date of the contract.