103 KAR 50:020. Application for state participation in tax in-crement financing projects

Link to law: http://www.lrc.ky.gov/kar/103/050/020.htm
Published: 2015

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      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.)