§ 115.04  ESTABLISHMENT OF PERCENTAGE OF INCREMENTS.
   (A)   The percentage of increment that the county shall distribute, each year, for use in the infrastructure development of the Development Area No. 1, shall be 50%. The maximum amount of increment to be requested from the county for real and personal property taxes shall be 80%.
   (B)   All increments derived from the county shall be received by the county and shall be used to pay the costs of the infrastructure development and projects, and to pay, when appropriate, debt services and charges on any increment bonds which may be authorized by a subsequent ordinance, or resolution, of the county, and for such other purposes as may be determined by the county by its Fiscal Court and that are appropriate and in compliance with the purposes set forth in this chapter and within the Act.
   (C)   The county, by and through Fiscal Court, may enter into a grant contract with any other city or county for the release of increments in furtherance of any project within the development area in accordance with KRS 65.696.
   (D)   The county, by and through Fiscal Court, pursuant to KRS 65.6851, will impose a 2% assessment fee on certain newly created jobs as a result of a project within the development area, such employees being subject to the state tax imposed by KRS 141.020. The total assessment levied under this provision shall not exceed an amount equal to 2% of the gross wages of the employee and shall be paid in accordance with the procedures set forth in §§ 110.01 through 110.14 and the special levy set forth in §§ 10.35 through 110.99, inclusive of mental health and general fund portions of said payroll tax. When such assessment is levied, 100% of the payroll tax receipts over and above the amount due pursuant to §§ 110.01 through 110.14 and the special levy set forth in §§ 110.25 through 110.99, inclusive of mental health and general fund portions of said payroll tax, shall be applied as part of the assessment fee toward the development area. Prior to such an assessment, all conditions contained within KRS 65.6851 shall be met.
(Ord. 05-13, passed 9-20-05)