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Development of an effective economic development incentive policy takes careful and strategic planning. Successful communities differentiate themselves and promote a business friendly environment which often leads to job growth. RSA’s professionals are experienced and knowledgeable in the many facets of public-private partnerships. Our services include:
Industrial Revenue Bonds
Industrial Revenue Bonds (“IRB”) may be issued by state and local governments in Kentucky to help finance industrial buildings as defined by KRS 103.200. An “industrial building” means any land and building(s), any facility or other improvements thereon, and all real and personal properties including operating equipment and machinery which shall be suitable for: any activity, business, or industry for the manufacturing, processing or assembling of any commercial product, including agricultural, mining, or manufactured products, together with storage, warehousing, and distribution facilities in respect thereof; any activity, including new construction, designed for revitalization or redevelopment of downtown business districts.
Tax Increment Financing
In order to encourage involvement of private investment in development areas, KRS Chapter 65 was created. In 2007, it was amended to establish five categories of tax increment financing eligibility and expand the use of tax increment finance to specifically include community redevelopment in all class cities. Tax Increment Financing (“TIF”) captures the increase in tax revenues generated from increased values of taxable properties and taxable activities and dedicates those revenues to finance debt to pay for the public infrastructure of the project.
New Market Tax Credits
The New Market Tax Credit (“NMTC”) Program provides an incentive to attract private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). CDEs invest the equity proceeds into Low Income Communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. The NMTC Program aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies.
Public Private Partnerships (P3)
New P3 legislation was approved in 2016 authorizing state and local governments to use public private partnerships to develop transportation and other types of infrastructure projects. New procurement regulations were also approved as part of the Bill. RSA municipal advisors will assist in the evaluation, funding source, assignment of risk and cost and contract negotiations for P3 projects.