{"data":{"id":"us-ky/krs-154.34-070","jurisdiction":"us-ky","citation":"KRS 154.34-070","heading":"Application and review process -- Memorandum of agreement --","body":"Standards and criteria for approval -- Preliminary and final approval of\ncompany by authority -- Reinvestment agreement -- Notice to department --\nDepartment to monitor use of incentives.\n(1) The application and approval process under this subchapter shall be as follows:\n(a) An eligible company with a proposed reinvestment project may submit an\napplication to the authority. The application shall include the information\nrequired by subsection (4) of this section;\n(b) Upon review of the application and any additional information submitted, the\nauthority may, by resolution, give preliminary approval to a reinvestment\nproject and authorize the negotiation and execution of a memorandum of\nagreement. The memorandum of agreement shall establish the minimum job\nretention requirements and maximum total approved cost for the reinvestment\nproject, shall only allow the recovery of costs incurred after preliminary\napproval, and may include any o ther terms as agreed to by the parties to the\nagreement. Upon preliminary approval, the preliminarily approved company\nmay undertake the project in accordance with the memorandum of agreement;\n(c) The preliminarily approved company shall submit any documentation required\nby the authority upon request of the authority;\n(d) The preliminarily approved company shall have up to three (3) years from the\ndate of preliminary approval to complete the reinvestment project and obtain\nfinal approval. Upon the earlier o f completion of the project or the passage of\nthree (3) years from the date of preliminary approval, the preliminarily\napproved company shall submit documentation required by the authority, and\nthe authority shall confirm that the minimum investment and jo b retention\nrequirements established by the memorandum of agreement have been met.\nUpon review and confirmation of the documentation, the authority may, by\nresolution, give final approval to the preliminarily approved company and\nauthorize the execution of  a reinvestment agreement between the authority\nand the approved company pursuant to KRS 154.34 -080. As part of the\nreinvestment agreement, the approved costs shall be finally determined, not to\nexceed the maximum approved costs as determined at preliminar y approval,\nand the approved company shall be eligible to receive incentives in\naccordance with the provisions of the reinvestment agreement;\n(e) The authority shall monitor the reinvestment agreement at least annually, and\nthe approved company shall submi t all documentation necessary for the\nauthority to monitor the agreement. The authority shall, based on the\ndocumentation provided, confirm that the approved company is in continued\ncompliance with the provisions of the reinvestment agreement and, therefor e,\neligible for incentives; and\n(f) Upon final approval, the authority shall notify the department that an\napproved company is eligible for incentives and shall provide the department\nwith the information necessary to monitor the use of incentives by the\napproved company. If, at any time during the term of the reinvestment\nagreement, an approved company becomes ineligible for incentives, the\nauthority shall notify the department, and the department shall discontinue the\navailability of incentives for the approved company.\n(2) The authority may establish standards for preliminary and final approval of eligible\ncompanies and their projects through the promulgation of administrative regulations\nin accordance with the provisions of KRS Chapter 13A.\n(3) The crite ria for preliminary and final approval of eligible companies and\nreinvestment projects shall include but not be limited to the need for the project, the\neligible equipment and other costs to be expended by the eligible company, and the\nnumber of jobs created or preserved as a result of the project.\n(4) The application shall include:\n(a) The name of the applicant and identification of any affiliates who will have\nsome relation to the reinvestment project;\n(b) A description of the condition of the existing facility, including but not limited\nto the status of the physical plant or office space, the financial situation of the\ncompany, and the efficiency and productivity of the facility;\n(c) A description of the proposed reinvestment project, including anticipate d\nsources of funding, the total anticipated equipment and related costs and skills\nupgrade training costs, the impact of the proposed reinvestment project on\nfull-time employment at the facility, and an explanation of why reinvestment\nin the facility and its full-time employees is necessary;\n(d) The number of existing full-time jobs at the site of the reinvestment project on\nthe date of the application and a description and breakdown of the relevant\naffiliated employers;\n(e) A timeline for the proposed reinvestment project;\n(f) A description of the other alternatives that are available to the eligible\ncompany, if incentives are not provided;\n(g) The amount of incentives sought, and an explanation of why the requested\nincentives are needed;\n(h) A certification from the company that the reinvestment project would not be\neconomically feasible for the company, but for the incentives available under\nthis subchapter;\n(i) Payment of any applicable application fees required by the authority; and\n(j) Any additional information relating to the proposed reinvestment project that\nthe authority may require.\n(5) The authority may request any materials and make any inquiries concerning an\napplication that the authority deems necessary.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51558","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:56Z","sha256":"ec97a5a5123ca44c4ca7a718c6afcecff0ab2845bdf1a90135011bff83d04d24","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.34-060","next":"us-ky/krs-154.34-080"},"notice":"GroundRules: Original legal text. Not legal advice."}