KRS § 148.859 — KY Code / Title XII / Chapter 148 / Section 148.859
148.859 Agreement between authority and approved company
Status: in_force

148.859 Agreement between authority and approved company.

(1) The authority, upon adoption of its final approval, may enter into a tourism

development agreement with any approved company. The terms of the agreement

shall be negotiated between the authority and the approved company and shall

include but not be limited to:

(a) The amount of approved costs;

(b) That any increase in approved costs incurred by the approved company and

agreed to by the authority shall apply retroactively for purposes of calculating

the carry forward for unused incentives;

(c) A date certain by which the approved company shall have completed the

tourism development project;

(d) That the authority may grant an extension or change, which in no event shall

exceed three (3) years from the date of final approval, to the completion date

as specified in the agreement of an approved company;

(e) That within three (3) months of the completion date, the approved company

shall document the actual cost of the tourism development project through a

certification of the costs to be provided by an independent certified public

accountant acceptable to the authority;

(f) The term of the tourism development agreement and the maximum amount of

recovery;

(g) That within forty-five (45) days after the end of each fiscal year of the

approved company, during the term of the agreement, the approved company

shall supply the authority with reports and certifications as the authority may

request demonstrating to the satisfaction of the authority that the approved

company is in compliance with the provisions of KRS 139.536 and KRS

148.851 to 148.860;

(h) That the approved company shall notify the authority if any change in

ownership of the tourism attraction is contemplated. The authority shall

reserve the option to renegotiate the terms of the agreement or, if the change

in ownership is detrimental to the Commonwealth, the authority may

terminate the agreement;

(i) That the approved company shall not receive a sales tax incentive as

prescribed by KRS 139.536 with respect to any fiscal year if the requirements

of KRS 148.853(2) have not been met;

(j) That the authority may grant an extension of up to three (3) years to the

completion date in addition to the extension provided for in paragraph (d) of

this subsection, to an approved company that has completed at least fifty

percent (50%) of an entertainment destination center project;

(k) That in no event shall the completion date be more than six (6) years from the

date of final approval; and

(l) That the extension provided for in paragraph (j) of this subsection shall be

subject to the following conditions:

1. The approved company shall have spent or have contractually obligated

to spend an amount equal to or greater than the amount of approved

costs set forth in the initial agreement;

2. The term of the agreement shall not be extended, except as provided in

KRS 148.853(3)(b)7. and 8.; and

3. The scope of the entertainment destination center project, as set forth in

the initial agreement, shall not be altered to include new or additional

entertainment and leisure options.

(2) The agreement, including the incentives provided under KRS 148.853, shall not be

transferable or assignable by the approved company without the written consent of

the authority and a passage of a resolution approving the proposed assignee of the

incentives as an approved company.