KRS § 65.7069 — KY Code / Title IX / Chapter 65 / Section 65.7069
65.7069 State Tax Increment Financing Commission -- Members -- Powers and duties -- Annual report
Status: in_force

65.7069 State Tax Increment Financing Commission -- Members -- Powers and

duties -- Annual report.

(1) The State Tax Increment Financing Commission is hereby created as an

independent agency of the state within the meaning of KRS Chapter 12. The

commission shall be composed of the following members:

(a) The secretary of the Finance and Administration Cabinet, who shall be the

chair thereof;

(b) The state budget director;

(c) The secretary of the Cabinet for Economic Development;

(d) The secretary of the Tourism, Arts and Heritage Cabinet;

(e) The chair of the Kentucky Economic Development Finance Authority;

(f) The dean of the University of Kentucky Gatton College of Business and

Economics; and

(g) The dean of the University of Louisville College of Business and Public

Administration.

(2) The commission shall review all applications for state participation in tax increment

financing projects and shall approve those proposals it determines meet the

requirements established by KRS 65.7071, 65.7073, 65.7075, 65.7077, 65.7079,

and 65.7081.

(3) Members of the commission shall serve without compensation, but may receive

reimbursement for their actual and necessary expenses incurred in the performance

of their duties.

(4) Any four (4) members of the commission shall constitute a quorum and shall by

majority vote be authorized to transact any and all business of the commission.

(5) The commission shall meet at least two (2) times each year, but may meet more

frequently upon the call of the chair or a request made by any four (4) members of

the commission.

(6) The commission shall be attached to the Finance and Administration Cabinet for

administrative purposes and staff services. All cabinets, departments, divisions,

agencies, and officers of the Commonwealth shall furnish the commission with

necessary assistance, resources, information, records, or advice as it may require to

fulfill its duties.

(7) The commission shall prepare bylaws and shall establish procedures applicable to

the operations of the commission.

(8) The commission shall have the authority to promulgate any regulations necessary

for the administration of KRS 65.7069, 65.7071, 65.7073, 65.7075, 65.7077,

65.7079, and 65.7081 in accordance with KRS Chapter 13A.

(9) On or before February 15, 2008, and each year thereafter, the commission shall

provide the Governor and the Legislative Research Commission with an annual

report, which shall include but shall not be limited to the following for the prior

calendar year:

(a) A list of applications considered by the commission during the prior calendar

year, including the name of the applicant, a description of the project, the local

tax revenues or other revenues pledged, the level of participation requested

from the Commonwealth, and whether the application was approved; and

(b) For each approved application, the report shall include:

1. The total commitment made by the Commonwealth, detailed by type of

tax and estimated incremental revenues pledged for each tax;

2. The length of the commitment; and

3. The portion of the development area included in the project.