{"data":{"id":"us-ky/krs-65.504","jurisdiction":"us-ky","citation":"KRS 65.504","heading":"Local participation agreement to pledge percentage of incremental revenues","body":"to West End Opportunity Partnership.\n(1) Notwithstanding KRS 6.945, beginning in the calendar year following the full\nreceipt of the initial funds statutorily required to be invested by private sector\ninvestors, a consolidated local government, and the Commonwealth to the West\nEnd Opportunity Partnership and continuing for twenty (20) years, eighty percent\n(80%) of the incremental revenues shall be pledged to the West En d Opportunity\nPartnership by a consolidated local government and the Commonwealth.\n(2) A local participation agreement shall be executed between the West End\nOpportunity Partnership and the governing body involved in providing financing or\npledging incremental revenues to support the implementation of a development plan\nin a development area.\n(3) The local participation agreement shall be adopted by the governing body by\nordinance and shall include but not be limited to the following provisions:\n(a) Identification of the parties to the local participation agreement and the duties\nand responsibilities of each entity under the agreement;\n(b) Specific identification of the incremental revenues released or pledged by type\nof tax by each taxing district;\n(c) The anticipated benefit to be received by each taxing district for the release or\npledge, including a detailed summary of old revenues collected;\n(d) A requirement that pledged incremental revenues shall be accounted for\nwithin a separate account under KRS 65.505;\n(e) Terms of default and remedies, provided that no remedy shall permit the\nwithholding by any party to the local participation agreement of any\nincremental revenues pledged to the special fund if increment bonds are\noutstanding that are secured by a pledge of those incremental revenues;\n(f) The commencement date, activation date, and termination date; and\n(g) Any other provisions not inconsistent with KRS 65.500 to 65.506.\n(4) Any pledge of incremental revenues in a local participation agreement shal l be\nsuperior to any other pledge of revenues for any other purpose and shall, from the\nactivation date to the termination date set forth in the local participation agreement,\nsupersede any statute, ordinance, or resolution regarding the application or use  of\nincremental revenues. An ordinance in conflict with a local participation agreement\nshall not be adopted while any increment bonds secured by that pledge remain\noutstanding. Ordinances or resolutions pledging incremental revenues on a\nsubordinate basis to any existing pledges may be adopted.\n(5) The local participation agreement established under this section and the\ndevelopment area established under KRS 65.501 shall not be included in the\npercentage calculation established by KRS 65.7049(2).\n(6) Notwithstanding KRS 65.7049(2), the local participation agreement shall permit\nresidential property located within the development area to be eligible for\nparticipation in a program granting property assessment or reassessment\nmoratoriums pursuant to KRS 99.600 when the incremental revenues related to that\nresidential property have not been pledged to support a tax increment financing\nproject established under KRS 65.490 to 65.499, 65.680 to 65.699, or 65.7041 to\n65.7083 or an economic development project within the development area.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51744","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"ebda80319752b45f536ebccc6aa84b18c83f07064b72f0bfb9ea14edf8a9f9be","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.503","next":"us-ky/krs-65.505"},"notice":"GroundRules: Original legal text. Not legal advice."}