A bill which will bolster economic development efforts for 39 counties in western, south central and parts of eastern Kentucky that purchase power from the Tennessee Valley Authority — or have TVA property — has been signed into law by Governor Matt Bevin. Caldwell, Christian, Trigg and surrounding counties, with the exception of Hopkins, are among the 39 counties that will benefit from House Bill 114.
A release says House Bill 114 adjusts the TVA in-lieu-of tax payment formula to ensure more dollars from the payments stay in the 39-county region for economic development needs. The bill creates a framework for distribution and oversight to ensure funds are used for job-attracting activities like land prep for industrial sites, infrastructure upgrades, or for matching federal, state, or grants. The new law divides $2 million between the 39 counties in Fiscal Year 2018-19, then $4 million to be divided between the counties in Fiscal Year 2019-2020, and $6 million beginning in Fiscal Year 2020-2021 and each fiscal year thereafter. Lawmakers say these investments come at a critical time as communities must continually ready sites and upgrade critical infrastructure to attract business and create jobs.
A large coalition of 19 lawmakers, led by Representative Bart Rowland championed the bill in the House of Representatives, and Senator Stan Humphries of Cadiz, helped shepherd legislation through the upper chamber.
HB 114 was supported by the Kentucky Association of Counties, Kentucky County Judge/Executive Development, the Kentucky League of Cities, many regional and local chambers of commerce, industrial authorities and local elected officials.
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