{"data":{"id":"us-ky/krs-148.859","jurisdiction":"us-ky","citation":"KRS 148.859","heading":"Agreement between authority and approved company.","body":"(1) The authority, upon adoption of its final approval, may enter into a tourism\ndevelopment agreement with any approved company. The terms of the agreement\nshall be negotiated between the authority and the approved company and shall\ninclude but not be limited to:\n(a) The amount of approved costs;\n(b) That any increase in approved costs incurred by the approved company and\nagreed to by the authority shall apply retroactively for purposes of calculating\nthe carry forward for unused incentives;\n(c) A date certain  by which the approved company shall have completed the\ntourism development project;\n(d) That the authority may grant an extension or change, which in no event shall\nexceed three (3) years from the date of final approval, to the completion date\nas specified in the agreement of an approved company;\n(e) That within three (3) months of the completion date, the approved company\nshall document the actual cost of the tourism development project through a\ncertification of the costs to be provided by an independent  certified public\naccountant acceptable to the authority;\n(f) The term of the tourism development agreement and the maximum amount of\nrecovery;\n(g) That within forty -five (45) days after the end of each fiscal year of the\napproved company, during the term of the agreement, the approved company\nshall supply the authority with reports and certifications as the authority may\nrequest demonstrating to the satisfaction of the authority that the approved\ncompany is in compliance with the provisions of KRS 139.536 and KRS\n148.851 to 148.860;\n(h) That the approved company shall notify the authority if any change in\nownership of the tourism attraction is contemplated. The authority shall\nreserve the option to renegotiate the terms of the agreement or, if the change\nin ownership is detrimental to the Commonwealth, the authority may\nterminate the agreement;\n(i) That the approved company shall not receive a sales tax incentive as\nprescribed by KRS 139.536 with respect to any fiscal year if the requirements\nof KRS 148.853(2) have not been met;\n(j) That the authority may grant an extension of up to three (3) years to the\ncompletion date in addition to the extension provided for in paragraph (d) of\nthis subsection, to an approved company that has completed at least fifty\npercent (50%) of an entertainment destination center project;\n(k) That in no event shall the completion date be more than six (6) years from the\ndate of final approval; and\n(l) That the extension provided for in paragraph (j) of this subsection shall be\nsubject to the following conditions:\n1. The approved company shall have spent or have contractually obligated\nto spend an amount equal to or greater than the amount of approved\ncosts set forth in the initial agreement;\n2. The term of the agreement shall not be extended, except as provide d in\nKRS 148.853(3)(b)7. and 8.; and\n3. The scope of the entertainment destination center project, as set forth in\nthe initial agreement, shall not be altered to include new or additional\nentertainment and leisure options.\n(2) The agreement, including the incentives provided under KRS 148.853, shall not be\ntransferable or assignable by the approved company without the written consent of\nthe authority and a passage of a resolution approving the proposed assignee of the\nincentives as an approved company.","path":["KRS Chapter 148"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56344","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:41Z","sha256":"703ed78048487df28839c6b13b8c64a62754e2241c709a874f96512358c35d42","source_id":"us-ky","stale":false,"prev":"us-ky/krs-148.857","next":"us-ky/krs-148.8591"},"notice":"GroundRules: Original legal text. Not legal advice."}