Section
116.01 Definitions
116.02 Findings and determinations
116.03 Establishment; name; boundaries
116.04 Establishment date; commencement date; termination date
116.05 Agreement
116.06 Job assessment fee
116.07 Special fund
116.08 Use of pledged revenues
116.09 Periodic accounting/analysis
116.10 Designation of oversight agency
116.11 Effective date
(A) For the purposes of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACT. KRS 65.7041 to 65.7083.
AGENCY. The Finance Department of the County of Boone, Kentucky.
AGREEMENT. The Old Lexington Pike Local Development Area Agreement among the county, the Agency and the developer attached as Exhibit "B" to Ordinance 2021-13.
ESTABLISHMENT DATE. The date that the Old Lexington Pike Local Development Area is established pursuant to the Act and this chapter.
INCREMENTAL REVENUES. The amount of revenues received by the county with respect to the Old Lexington Pike Local Development Area by subtracting old revenues from new revenues in a calendar year, and more specifically defined in the Agreement.
LOCAL DEVELOPMENT AREA. A contiguous geographic area of land being developed, located within the geographical boundaries of the county, which is created for economic development purposes by this chapter to support the project proposed to be developed and consisting of less 1,000 acres, as more specifically described in Exhibit A attached to Ordinance 2021-13; to be known as the OLD LEXINGTON PIKE LOCAL DEVELOPMENT AREA.
PLEDGED REVENUES. The incremental revenues which are pledged by the county, as provided in the Agreement, to the pay for redevelopment assistance and related to the Old Lexington Pike Local Development Area, as set forth in the Agreement.
PROJECT. The development of the Old Lexington Pike Local Development Area for the development and construction of an industrial and business park being undertaken by Charter Commercial, LLC, a Kentucky limited liability company (the "developer").
PUBLIC INFRASTRUCTURE COSTS. Those costs as defined in the Agreement that are eligible to be paid for or reimbursed by incremental revenues.
(B) All terms used herein and not defined above or in the recitals to Ordinance 2021-13 shall have the meaning as set forth in the Act, as of the effective date of this chapter.
(Ord. 2021-13, passed 5-25-21)
In accordance with the Act, the county hereby makes the following findings and determinations with respect to the Old Lexington Pike Local Development Area:
(A) The Old Lexington Pike Local Development Area consists of a contiguous tract of land that is less than 1,000 acres. The actual size of the Old Lexington Pike Local Development Area is approximately 70.22 acres;
(B) The Old Lexington Pike Local Development Area constitutes undeveloped land that is being developed; and
(C) The establishment of the Old Lexington Pike Local Development Area will not cause the assessed taxable value of real property within the Old Lexington Pike Local Development Area and within all "development areas" and "local development areas" established by the county (as those terms are defined in the Act) to exceed 20% of the total assessed taxable value of real property within the county. The assessed value of taxable real property within the Old Lexington Pike Local Development Area for calendar year 2020 was $165,710 and the total assessed value of taxable real property within the county for the calendar year 2020 exceeds $12,900,000,000. While the county has established other local development areas, in addition to the Old Lexington Pike Local Development Area, the total taxable real property assessment within all such areas, including the Old Lexington Pike Local Development Area, is just a very small percentage of the county's total taxable real property assessment. Therefore, the assessed value of taxable real property within the Old Lexington Pike Local Development Area is significantly less than 20% of the assessed value of taxable real property within the county.
(Ord. 2021-13, passed 5-25-21)
All that area described in Exhibit A attached to Ordinance 2021-13 and made a part hereof is located within the county and is hereby established and designated as the Old Lexington Pike Local Development Area. At the time of the enactment of this chapter the Old Lexington Pike Local Development Area is less than 1,000 acres, being 61 acres in size.
(Ord. 2021-13, passed 5-25-21)
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