{"data":{"id":"us-ky/krs-65.490","jurisdiction":"us-ky","citation":"KRS 65.490","heading":"Definitions for KRS 65.490 to 65.499.","body":"As used in KRS 65.490 to 65.499, unless the context otherwise requires:\n(1) \"Agency\" means an urban renewal and community development agency of a taxing\ndistrict located within a county containing a consolidated local government or a city\nof the first clas s, established under KRS Chapter 99; a development authority\nlocated within a county containing a consolidated local government or a city of the\nfirst class established under KRS Chapter 99; a nonprofit corporation located within\na county containing a consolidated local government or a city of the first class; or a\ndesignated department, division, or office of a county containing a consolidated\nlocal government or of a city of the first class;\n(2) \"Development area\" means an area no more than six (6) square  miles, designated in\nneed of public improvements by a local or state government in a county containing\na consolidated local government or a city of the first class, a project area as defined\nin KRS 99.615, or a public project as defined in KRS 58.010 in a  county containing\na consolidated local government or a city of the first class. \"Development area\"\nincludes an existing economic development asset;\n(3) \"Existing development area\" has the same meaning as in KRS 65.494;\n(4) \"Increment\" means that amount of  money received by any taxing district or the\nstate that is determined by subtracting the amount of old revenues from the amount\nof new revenues in any year for which a taxing district or the state and an agency\nhave agreed upon under the terms of a contract of release or a grant contract;\n(5) \"Local government\" means a county containing a consolidated local government or\na city of the first class;\n(6) \"New development area\" has the same meaning as in KRS 65.494;\n(7) \"New revenues\" means the revenues receiv ed by any taxing district or the state\nfrom a development area in any year after the establishment of the development\narea;\n(8) \"Old revenues\" means the amount of revenues received by any taxing district or the\nstate from a development area in the last yea r prior to the establishment of the\ndevelopment area;\n(9) \"Project\" means any urban renewal, redevelopment, or public project undertaken in\naccordance with the provisions of KRS 65.490 to 65.497, any project undertaken in\naccordance with KRS 99.610 to 99.6 80, any project undertaken in accordance with\nthe provisions of KRS Chapter 58, or any \"public project\" as that term is defined in\nKRS 58.010 undertaken by a nonprofit corporation located within a county\ncontaining a consolidated local government or a city of the first class;\n(10) \"Release\" or \"contract of release\" or \"grant contract\" means that agreement by\nwhich a taxing district or the state permits the payment to an agency of a portion of\nincrements or an amount equal to a portion of increments received by it in return for\nthe b enefits accrued to the taxing district or the state by reason of a project\nundertaken by an agency in a development area;\n(11) \"Taxing district\" means a consolidated local government, a county containing a city\nof the first class, a city of the first class  that encompasses all or part of a\ndevelopment area, or the state, but does not mean a school district; and\n(12) \"Pilot program\" means a tax increment financing program or a grant program\ncreated by an agency within a consolidated local government or a county containing\na city of the first class which shall exist for a period of:\n(a) Twenty (20) years for an existing development area; and\n(b) Thirty (30) years for a new development area;\nand may be extended for a period not to exceed an additional twenty -five (25) years\nas provided in KRS 65.4931.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57142","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"4cb2f10f61fbc27268f2e3953fb1706c6455082f9de84ef4af0ac315cd8e9d55","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.480","next":"us-ky/krs-65.491"},"notice":"GroundRules: Original legal text. Not legal advice."}