KRS § 65.501 — KY Code / Title IX / Chapter 65 / Section 65.501
65.501 Definitions for KRS 65.500 to 65.506
Status: in_force

65.501 Definitions for KRS 65.500 to 65.506.

As used in KRS 65.500 to 65.506:

(1) "Affiliated" means the following:

(a) Members of a family, including brothers and sisters of the whole or half

blood, spouse, parents, grandparents, ancestors, children, spouses of children,

grandchildren, spouses of grandchildren, and other lineal descendants of an

individual;

(b) An individual and a corporation, if more than ten percent (10%) in value of

the outstanding stock of which is owned, directly or indirectly, by or for that

individual;

(c) An individual and a limited liability company or a partnership, if more than

ten percent (10%) of the capital interest or profits are owned or controlled,

directly or indirectly, by or for that individual; or

(d) An individual and a trust, if the individual is a grantor, fiduciary, or

beneficiary of the trust;

(2) "Board" means the board of the West End Opportunity Partnership;

(3) "CPI" means the nonseasonally adjusted United States city average of the Consumer

Price Index for all urban consumers for all items, as released by the federal Bureau

of Labor Statistics;

(4) "Development area" means a region within a consolidated local government

bounded by:

(a) To the south, Algonquin Parkway to the South Seventh Street intersection, but

including the unincorporated communities adjacent to Park Duvalle and

Algonquin:

1. Beginning at the Ohio River, at the southwest corner of Chickasaw Park

and then along the park's southern boundary to Southwestern Parkway;

2. Southwestern Parkway south to Algonquin Parkway;

3. Algonquin Parkway to South Forty-First Street;

4. South Forty-First Street south to Bells Lane;

5. Bells Lane east to Cane Run Road;

6. Cane Run Road north to Linwood Avenue;

7. Linwood Avenue east to Beech Street;

8. Beech Street south to Wingfield Lane;

9. Wingfield Lane east to Dixie Highway;

10. Dixie Highway north to Algonquin Parkway; and

11. Algonquin Parkway east to South Seventh Street;

(b) To the east, South Seventh Street north to Ninth Street and Ninth Street north

to the Ohio River; and

(c) The Ohio River to the north and west;

(5) "Governing body" means the body possessing legislative authority in a consolidated

local government;

(6) "Incremental revenues" means the amount of revenues received by:

(a) A consolidated local government, determined by subtracting old revenues

from new revenues in a calendar year with respect to the development area;

and

(b) The Commonwealth, determined by subtracting old revenues from new

revenues in a calendar year with respect to the development area;

(7) (a) "Local tax revenues" means revenues derived by a consolidated local

government from one (1) or more of the following sources:

1. Real property ad valorem taxes, excluding any taxes not assessed while

a property is participating in an assessment or reassessment moratorium

program under KRS 99.600; and

2. Occupational license taxes; and

(b) "Local tax revenues" does not mean revenues that have been pledged to

support a tax increment financing project established under KRS 65.490 to

65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development

project within the development area;

(8) "New revenues" means the amount of:

(a) Local tax revenues received by a consolidated local government with respect

to the development area in any calendar year beginning with the calendar year

described under KRS 65.504(1); and

(b) State tax revenues received by the Commonwealth with respect to the

development area in any calendar year beginning with the calendar year

described under KRS 65.504(1);

(9) "Old revenues" means the amount of:

(a) Local tax revenues received by a consolidated local government with respect

to the development area in any calendar year beginning with the calendar year

immediately preceding the calendar years described under KRS 65.504(1);

and

(b) State tax revenues received by the Commonwealth with respect to the

development area in any calendar year beginning with the calendar year

immediately preceding the calendar years described under KRS 65.504(1).

"Old revenues" shall be adjusted annually to incorporate the percentage change in

the CPI. In the first calendar year of the calendar years described under KRS

65.504(1), the calculated amount for the state tax revenues and the local tax

revenues shall be adjusted by multiplying each amount by the percentage change in

the CPI. For every calendar year thereafter until the expiration of the calendar years

described under KRS 65.504(1), the calculated amount for the state tax revenues

and the local tax revenues shall be the previous year's calculated amount multiplied

by the percentage change in the CPI;

(10) "Percentage change in the CPI" means the percentage of change in CPI from one (1)

year to the next based on averaging the twelve (12) consecutive months of CPI data

for each of the two (2) immediately preceding calendar years and then using those

two (2) averages to calculate a year-over-year percentage change; and

(11) (a) "State tax revenues" means revenues received by the Commonwealth from

one (1) or more of the following sources:

1. State real property ad valorem taxes, excluding any taxes not assessed

while a property is participating in an assessment or reassessment

moratorium program under KRS 99.600;

2. Individual income taxes required to be withheld by an employer as

required under KRS 141.310; and

3. Sales taxes levied under KRS 139.200, excluding sales taxes already

pledged for:

a. Approved tourism attraction projects, as defined in KRS 148.851,

within the development area; and

b. Projects which are approved for sales tax refunds under

Subchapter 20 of KRS Chapter 154 within the development area.

(b) "State tax revenues" does not mean revenues that have been pledged to

support a tax increment financing project established under KRS 65.490 to

65.499, 65.680 to 65.699, or 65.7041 to 65.7083 or an economic development

project within the development area.