(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)