††††† 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 stateís 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 applicantís 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 consultantís report or the financial adviserís 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.)