Ky. Rev. Stat. § 65.029

Current through 2024 Ky. Acts ch.225

Section 65.029 - Appropriation to West End Opportunity Partnership conditioned upon partnership's receipt of private and consolidated local government funding

(1) As used in this section, "development area" means a region within a consolidated local government bounded by:

(a) To the south, Algonquin Parkway to the South Seventh Street intersection, but including the unincorporated communities adjacent to Park Duvalle and Algonquin:

1. Beginning at the Ohio River, at the southwest corner of Chickasaw Park and then along the park's southern boundary to Southwestern Parkway;

2. Southwestern Parkway south to Algonquin Parkway;

3. Algonquin Parkway to South Forty-first Street;

4. South Forty-first Street south to Bells Lane;

5. Bells Lane east to Cane Run Road;

6. Cane Run Road north to Linwood Avenue;

7. Linwood Avenue east to Beech Street;

8. Beech Street south to Wingfield Lane;

9. Wingfield Lane east to Dixie Highway;

10. Dixie Highway north to Algonquin Parkway; and

11. Algonquin Parkway east to South Seventh Street;

(b) To the east, South Seventh Street north to Ninth Street and Ninth Street north to the Ohio River; and

(c) The Ohio River to the north and west;

(2) Prior to any development actions taken by the West End Opportunity Partnership, a minimum investment shall be pledged within the order listed and received by the West End Opportunity Partnership:

(a) A combined total of twenty million dollars ($20,000,000) shall be pledged by and received from private sector investors and a consolidated local government, with a minimum of five million dollars ($5,000,000) pledged by a consolidated local government; and

(b)

1. Only upon verification of receipt of the twenty million dollars ($20,000,000) pledged under paragraph (a) of this subsection, general fund moneys in the amount of ten million dollars ($10,000,000) shall be appropriated by the General Assembly to the Department for Local Government for use by the West End Opportunity Partnership for revitalization of the development area.

2. The Kentucky State Treasurer shall verify that the West End Opportunity Partnership received the full twenty million dollars ($20,000,000) in accordance with paragraph (a) of this subsection prior to the General Assembly appropriating ten million dollars ($10,000,000) from the general fund. The West End Opportunity Partnership shall provide the Kentucky State Treasurer the information needed to verify receipt of the funds. Within thirty (30) days of verifying the funds, the Kentucky State Treasurer shall notify the Interim Joint Committee on Appropriations and Revenue.

3. If the West End Opportunity Partnership has not received the full twenty million dollars ($20,000,000) in accordance with paragraph (a) of this subsection prior to June 30, 2022, the General Assembly shall not appropriate the ten million dollars ($10,000,000) required by subparagraph 1. of this paragraph.

KRS 65.029

Effective: April 7, 2021

Created 2021 Ky. Acts ch. 194, sec. 7, effective April 7, 2021.

Added by 2021 Ky. Acts ch. 194,§ 7, eff. 4/7/2021.