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HB 539 (BR 1704) - J. Richards, R. Wilkey

     AN ACT relating to community redevelopment in cities of the second class.
     Create new sections of KRS Chapter 65 to establish the public purpose of tax increment financing; define terms; provide for the establishment and amendment of development areas; identify funding sources for cities of the second class; permit the issuance of increment bonds by cities of the second class; require a sinking fund; establish requirements for local participation agreements; establish the State Tax Increment Financing Commission; establish the Commonwealth Participation Program for Real Property Ad Valorem Tax Revenues, the Commonwealth Participation Program for State Tax Revenues, and The Commonwealth Participation Program for Mixed Use Redevelopment in Blighted Urban Areas; provide application procedures and requirements for the programs; establish requirements for project grant agreements; provide for the payment and release of incremental revenues; amend KRS 132.012 to conform.

     Feb 20-introduced in House; to Appropriations & Revenue (H); posting waived

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