{"data":{"id":"us-ky/krs-154.21-020","jurisdiction":"us-ky","citation":"KRS 154.21-020","heading":"Kentucky Product Development Initiative of 2022 -- Establishment --","body":"Funds -- Maximum amount.\n(1) The Kentucky Product Development Initiative of 2022 is hereby established under\nthe cabinet. The cabinet shall partner with the Kentucky Assoc iation for Economic\nDevelopment to administer the program. The cabinet's administration of the\nprogram includes but is not limited to the following:\n(a) Creating and making available a standardized grant application and regional\ngrant application;\n(b) Adopting a standardized scoring system pursuant to KRS 154.21-040;\n(c) Reviewing the applications and proposals submitted by the proposed grant\nrecipients;\n(d) Verifying the eligibility of the proposed grant recipients;\n(e) Verifying that the proposed grant re cipient seeks grant money for an eligible\nproject prior to prioritizing and recommending the eligible grant recipient and\neligible project to the cabinet;\n(f) Awarding grants to selected eligible grant recipients in two (2) rounds of\nfunding; and\n(g) Compiling and submitting the following information, no later than November\n1, 2024, and annually thereafter until the authorized appropriation is spent or\nreturned, for each application approved by the Kentucky Economic\nDevelopment Finance Authority related to the Kentucky Product\nDevelopment Initiative of 2022 to the Legislative Research Commission and\nthe Interim Joint Committee on Appropriations and Revenue:\n1. The name of the applicant, a description of the eligible project, and the\nlocation of each proposed project for which an application was received;\n2. The date the application was approved by the Kentucky Economic\nDevelopment Finance Authority;\n3. The amount of funding authorized for each project approved;\n4. The total amount of funding disbursed for each project approved; and\n5. The round of funding for which each project received approval.\n(2) Upon receipt of eligible grant recipients and eligible  project recommendations and\nprioritization from the Kentucky Association for Economic Development and the\nthird-party independent site selection consultant, the cabinet shall verify and\nprocess the eligible grant recipients and eligible project recommenda tions with the\nintent to approve and award grants matching the selected grant recipient's\ncontribution to its eligible project on a dollar -for-dollar basis, under the economic\ndevelopment fund program pursuant to KRS 154.12-100.\n(3) (a) Prior to the first round of grant awards, the cabinet shall allocate a percentage\nof the total funds appropriated to this program by the General Assembly to\neach county in the Commonwealth. When awarding grants in the first round\nof funding, the cabinet shall not award grants to an eligible grant recipient or a\ngroup of eligible grant recipients in excess of the amount allocated to the\ncounty in which it or they are located, except when pooled pursuant to\nsubsection (4) of this section. The allocation shall be made according to the\nfollowing calculations:\n1. For all counties except Jefferson County, the percentage of the fund\neach county is eligible to receive shall be determined by each county's\nproportion of the state's population based on the most recent federal\ndecennial census;\n2. For Jefferson County, the percentage of the fund it shall be eligible to\nreceive shall be determined by the county's proportion of the state's\npopulation based on the most recent federal decennial census, which\nshall be discounted by fifty percent (50%); and\n3. The maximum funding available for an approved development project is\ntwo million dollars ($2,000,000) per county except as permitted by\nsubsection (4) of this section.\n(b) If there are funds available after the first round of grant awards, the cabinet\nshall initiate a second round of grant awards through the Kentucky Product\nDevelopment Initiative. Any remaining funds available for program use shall\nbe pooled and available to eligible grant recipients from all counties on a first-\ncome, first-served basis, but each county's eligible allocation shall not exceed\ntwo million dollars ($2,000,000) except as permitted by subsection (4) of this\nsection.\n(4) For selected eligible grant recipients that are involved in a regional project, the\ncabinet ma y pool the potential allocation of funds available for each county\nrepresented by the eligible grant recipients for the grant amount awarded. For\nexample, if a county that is eligible for up to ten percent (10%) of the program\nfunds based on the calculatio ns in subsection (3) of this section partners with a\ncounty that is eligible for five percent (5%) of the program funds based on the\ncalculations in subsection (3) of this section, then the total allocation for the\nregional project that the cabinet may award is fifteen percent (15%).\n(5) Grant applicants that have received discretionary mega -development project\nfunding shall be disqualified from participation in the Kentucky Product\nDevelopment Initiative.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54749","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:54Z","sha256":"3f577671a51c2d293771e4d55272920e3640eb1270550556802e24cfc7e55e43","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.21-017","next":"us-ky/krs-154.21-025"},"notice":"GroundRules: Original legal text. Not legal advice."}