{"data":{"id":"us-ky/krs-65.494","jurisdiction":"us-ky","citation":"KRS 65.494","heading":"KRS 65.490 to 65.499 limited to development areas established by county","body":"containing city of the first class or a city of the first class before March 23,\n2007, or certain new development areas -- Definitions for section.\n(1) As used in this section:\n(a) \"Existing development area\" means a development area established by a\ncounty containing a city of the first class or by a city of the first class prior to\nMarch 23, 2007, that is subject to the provisions of a grant contract, Interlocal\nCooperation Agreement, or Master Agreement executed prior to March 23,\n2007; and\n(b) \"New development area\" means a development area that:\n1. Is created within an existing development area; and\n2. Exists independent of the existing development area.\n(2) The provisions of KRS 65.490 to 65.499 shall apply only to:\n(a) Existing development areas; and\n(b) New development areas, provided that:\n1. The project for the existing development area is amended to remove the\nnew development area from the existing development area;\n2. All contracts regarding the application of increment derived from the\nnew development area require not less than:\na. Ten perc ent (10%) of the increment be paid to the agency for\nwhich the existing development area was established;\nb. Eighty percent (80%) of the increment be paid to the developer of\nthe new development area; and\nc. Ten percent (10%) shall be retained by the Commo nwealth or\nlocal government, as applicable;\n3. Notwithstanding KRS 65.495 to the contrary, the payment to the agency\nunder subparagraph 2. of this paragraph shall not be taken into account\nin determining whether thresholds within the contract have been met;\n4. The amendment of the project for an existing development area is\napproved by:\na. i. The county containing a city of the first class; or\nii. The city of the first class;\nin which the existing development area is located;\nb. The Kentucky Economic Development Finance Authority;\nc. The agency for which the existing development area was\nestablished; and\nd. If applicable, the insurer of any bonds issued for the benefit of the\nagency for which the existing development area was established;\nand\n5. Any negotiation or agreement made related to an existing development\narea or a new development area shall be approved by the Kentucky\nEconomic Development Finance Authority.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57959","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"7b438a9cea2746f896dbff1f967e55031f2e188f92829b2f3c8e1d670ededbce","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.4931","next":"us-ky/krs-65.495"},"notice":"GroundRules: Original legal text. Not legal advice."}