{"data":{"id":"us-ky/krs-65.696","jurisdiction":"us-ky","citation":"KRS 65.696","heading":"Development area grant contract -- Required provisions.","body":"For any development area for which increments do not include revenues from the\nCommonwealth:\n(1) Upon establishment of a development area, any city or county may release, by a\ngrant contract with any other city or county, increments expected to be collecte d by\nthat city or county in the related development area for a period that does not extend\nbeyond the termination date.\n(2) The grant contract shall include the following provisions:\n(a) The identity of each city and county participating in the financing agreement;\n(b) A detailed description of each project that is the subject of the grant contract,\nincluding an estimate of its costs of construction or acquisition and\ndevelopment;\n(c) A detailed description of the development area;\n(d) A detailed summary es timating old revenues collected and projected new\nrevenues in the development area for each city and county that is a party to the\ngrant contract, on an annual basis, for the term of the proposed grant contract;\n(e) The maximum amount of increments to be r eleased by the parties to the grant\ncontract, if any, and the maximum number of years the release will be\neffective, including an agreement to deposit the increments in a special fund\ncreated for that purpose, which, if any increment bonds are to be issued , shall\nbe held by the issuer of the increment bonds;\n(f) The times and procedures for depositing increments and other funds, if any, in\nthe special fund to be established for the development area and any provisions\nrelating to the collection of the increments;\n(g) Any covenants regarding additional funds or to pay the costs of the projects;\n(h) Any covenants regarding completion of the project;\n(i) Terms of default and remedies, except that no remedy shall permit the\nwithholding by any party to the grant c ontract of any increments to be\ndeposited in the special fund identified in the grant contract so long as any\nincrement bonds are outstanding that are secured by a pledge of those\nincrements;\n(j) The commencement date;\n(k) The termination date; and\n(l) Any other provisions not inconsistent with KRS 65.680 to 65.699 that are\ndeemed necessary or appropriate by the parties to the grant contract.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23461","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"0ac5355179f617bb69644f03078d6fb0807863c4a9811b3bbb9d47c2a189b3d4","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.694","next":"us-ky/krs-65.6971"},"notice":"GroundRules: Original legal text. Not legal advice."}