SB 194 (BR 1201) - K. Stine
AN ACT relating to economic development.
Amend the definition of "economic development project" in KRS 154.22-010 and 154.28-010 to allow ownership of improvements or facilities on land possessed by a company pursuant to a ground lease having a term equivalent to the length of the financing agreement in certain economic development incentive programs.
SB 194 - AMENDMENTS
HCS/LM - Retain the provisions of the original; amend KRS 154.24-090 to allow an eligible company that locates a project adjoining a regional postsecondary education center to alternatively satisfy wage and benefits requirements; require that the company compensate a minimum of 90 percent of full-time employees whose jobs were created as a result of the project with base hourly wages plus employee benefits equal to or greater than 200 percent of the federal minimum wage; require the company to seek to provide employment opportunities to full- or part-time students; require the director of the education center to assert that the company is likely to provide employment opportunities and that the project is expected to provide technological and infrastructural enhancements; amend KRS 65.680 to include housing authorities and community redevelopment authorities as agencies for purposes of section; define "low-income household," " redevelopment assistance tool," and "service payment agreement"; amend KRS 65.682 to require a city or county expanding a development area to afford maximum opportunity for work in the area to be done by private enterprise; amend KRS 65.6851 to conform; create new sections of KRS 65.680 to 65.699 to permit a city or county which participates in a planning unit and meets specified conditions to establish a development area for community redevelopment as prescribed; require local government to adopt a redevelopment plan prior to establishment of the development area and prescribe the contents of such plan; require a public hearing and public notice of the hearing on the plan; require notice to other local governments in the county of a proposed redevelopment plan as specified; require local governments to notify the entity proposing the plan if the local government will be participating in the plan; permit the city or county proposing the plan to enact the ordinance establishing a development plan after receiving notice of the intentions of the local governments which have been notified, or after 30 days if no response is received; prescribe the contents of the ordinance which creates the development area; permit the ordinance to designate a public agency or a community redevelopment authority to oversee the implementation of the ordinance; permit a city or county to enter into service payment agreements as provided; allow the establishment of a lien in favor of the city or county under the service payment agreement; require the lien to be filed in the office of the county clerk prior to becoming valid or enforceable; prohibit real estate in the development area from participating in programs granting property assessments or reassessment moratoriums; require planning commissions to make an annual determination to the city or county as to the existence of potential development areas within the city or county and prohibit the determinations of the planning and zoning commissions from having a binding effect upon the city or county; permit a city or county to establish a nonprofit community redevelopment authority and specify the membership, terms of office, appointment and removal procedures, and administrative procedures for the authority; provide for the selection and bonding of a secretary-treasurer and set out the duties and responsibilities of the secretary-treasurer; require an annual report of all acts of the authority to the legislative body which created the authority.
HFA (1, R. Palumbo) - Delete provisions authorizing a state portion for increment financing; provide that lien shall not have priority over existing liens unless notice is given, and if lien holder does not consent to priority, it shall be treated in the same manner as a mortgage lien; clarify process of recording and releasing liens.
HFA (2, S. Nunn) - Delete provisions authorizing a state portion for increment financing.
HFA (3, J. Gray) - Define "economic development" under KRS 68.200 to clarify the use of license fees for economic development purposes under that statute.
HFA (4, A. Simpson) - Amend KRS 65.940 to grant cities of the second class and urban-county governments tax increment financing powers; amend KRS 65.493 to grant cities of the second class and urban-county governments tax increment financing powers.
HFA (5/P, J. Gray) - Attach the provisions of HB 632/GA.
Feb 15-introduced in Senate
Feb 17-to Economic Development, Tourism & Labor (S)
Mar 3-taken from committee; laid on clerk's desk; taken from clerk's desk; 1st reading, to Calendar
Mar 6-2nd reading; returned to Economic Development, Tourism & Labor (S)
Mar 7-reported favorably, to Rules as a Consent Bill; posted for passage in the Consent Orders of the Day for Wednesday, March 8, 2006
Mar 8-3rd reading, passed 38-0
Mar 9-received in House
Mar 13-to Economic Development (H)
Mar 20-posted in committee
Mar 22-reported favorably, 1st reading, to Calendar with Committee Substitute ; floor amendments (1) and (2) filed to Committee Substitute
Mar 23-2nd reading, to Rules; floor amendment (3) filed to Committee Substitute
Mar 24-floor amendments (4) and (5) filed to Committee Substitute