{"data":{"id":"us-ky/krs-65.497","jurisdiction":"us-ky","citation":"KRS 65.497","heading":"State and local development contracts for benefits derived by taxing","body":"authority -- Annual renewal.\n(1) Each taxing district is authorized to execute a contract of release with any agency in\nacknowledgment of benefits to be derived by it within the development area with an\nexisting economic development asset as leveraged in part by the undertaking of a\nproject, and in order to promote the public purposes of the taxing district.\n(2) Any contract signed for the release of increments shall be made on the bas is of\nautomatic year -to-year renewals, with the option to discontinue upon sixty (60)\ndays' notice before the end of any annual termination date of the contract.\n(3) The state, acting by and through the Governor, is authorized to execute a grant\ncontract with any agency in acknowledgment of benefits to be derived by it with the\ndevelopment area with an existing economic development asset as leveraged in part\nby the undertaking of a project, and in order to promote the public purpose of the\nstate.\n(4) Any grant contract signed for an amount equal to the increment derived from the\ndevelopment area shall be made on the basis of automatic year -to-year renewals,\nwith the option to discontinue upon sixty (60) days' notice before the end of any\nannual termination date of the contract.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23421","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"bfa7ebdd2ed72889529268e41ce1d63f5a6f8ee2e1285c3bc53bd192b807f190","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.495","next":"us-ky/krs-65.499"},"notice":"GroundRules: Original legal text. Not legal advice."}