By Tom Latek
Kentucky Today
Legislation establishing an incentive fund to be used only for large economic development projects won easy passage in the Senate on Thursday during day three of a special session of the Kentucky General Assembly.
Sen. Julie Raque Adams sponsored legislation that allowed for incentive funds for large economic projects in Kentucky. It gained passage in the Senate on Thursday. (Photo by Tom Latek, Kentucky Today)
Under provisions of Senate Bill 5, a pool of $350 million would be available for economic development projects where companies would spend $2 billion or more and could be used for multiple large ventures.
Senate Majority Caucus Chair Julie Raque Adams, R-Louisville, the sponsor of the legislation, said there are safeguards contained within it.
“The Economic Development Cabinet will monitor the performance of all opportunities and awards of this funding,” she said on the Senate floor, “securing reasonable collateral in protecting the taxpayers of Kentucky.”
Senate Majority Leader Damon Thayer, R-Georgetown, noted that while legislative leaders had to sign a non-disclosure briefing before being briefed by Gov. Andy Beshear’s administration, “Kentucky is in the running for one and maybe more than one significant development. These are the kind of big ideas and prospects that we should be supporting in a bipartisan manner.”
The bill passed 30-3 and moves on to the House, where there is a similar measure pending.
