103 KAR 50:020. Application for state
participation in tax increment financing projects.
RELATES TO: KRS 65.7045, 65.7073,
65.7075, 65.7083
STATUTORY AUTHORITY: KRS 65.7071(2)(a)3.b.i.,
65.7071(2)(b)
NECESSITY, FUNCTION AND CONFORMITY: KRS
65.7071(2)(b) provides that the Division of Tax Increment Financing shall
establish standards and requirements for the application process for the
state’s tax increment financing participation programs. This administrative regulation
sets forth the required application process by which a city, county or agency
may seek state participation of tax increment financing in a project.
Section 1. Definitions. (1) "Agency"
is defined by KRS 65.7045(2).
(2) "City" is defined by KRS
65.7045(7).
(3) "Commonwealth" is defined
by KRS 65.7045(10).
(4) "County" is defined by KRS
65.7045(11).
(5) "Office" is defined by KRS
65.7045(29).
(6) "Project" is defined by KRS
65.7045(33).
Section 2. Application Process. A city,
county or agency submitting an application to the office requesting that the
Commonwealth participate in a project. The city, county, or agency shall file
an original and one copy of the appropriate application form for the program
requested and all required attachments.
Section 3. Application Forms. (1) A city,
county or agency seeking participation from the Commonwealth under the Commonwealth
Participation Program for State Real Property Ad Valorem Tax Revenues shall
file the "Application for the Commonwealth Participation Program for State
Real Property Tax Revenues" with all required attachments and information.
(2) A city, county, or agency seeking
participation from the Commonwealth under the Signature Project Program prior
to January 1, 2008 shall file the "Application for the Signature Project
Program - 2007" with all required attachments and information.
(3) A city, county, or agency seeking
participation from the Commonwealth under the Signature Project Program on or after
January 1, 2008 shall file the "Application for the Signature Project
Program" with all required attachments and information.
(4) A city, county, or agency seeking
participation from the Commonwealth under the Commonwealth Participation Program
for Mixed Use Redevelopment in Blighted Urban Areas shall file the "Application
for the Commonwealth Participation Program for Mixed Use Redevelopment in
Blighted Urban Areas" with all required attachments and information.
Section 4. Written Determination. The office
shall provide its written determination required by KRS 65.7071(2)(a)2. to the
applicant based upon:
(1) The applicant’s satisfaction of the applicable
statutory requirements of KRS 65.7041 through 65.7083;
(2) The application submitted to the
office under Section 2 of this administrative regulation;
(3) Written and oral communications with
the applicant;
(4) Independent analysis by the office based
upon publicly available information; and
(5) If applicable, the findings of the
independent consultant’s report or the financial adviser’s report required by KRS
65.7071 (2)(a)3.b.i. and (6).
Section 5. Incorporation by Reference. (1)
The following material is incorporated by reference:
(a) "Application for the Signature
Project Program - 2007", October 2007
(b) "Application for the
Commonwealth Participation Program for State Real Property Ad Valorem Tax
Revenues", October 2007
(c) "Application for the
Commonwealth Participation Program for Mixed Use Redevelopment in Blighted
Urban Areas", October 2007; and
(d) "Application for the Signature
Project Program", October 2007.
(2) This material may be inspected,
copied, or obtained, subject to applicable copyright law, at the Division of
Tax Increment Financing, Department of Revenue, 200 Fair Oaks Lane, Monday
through Friday, 8 a.m. to 4:30 p.m. (34 Ky.R. 677; Am. 1700; eff. 2-1-2008.)
