Kentucky HB 576: AN ACT relating to the Teachers' Retirement System.

Bill Text

CHAPTER 82
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1
CHAPTER 82
( HB 576 )
AN ACT relating to workforce investment.
Be it enacted by the General Assembly of the Commonwealth of Kentucky:
SECTION 1. A NEW SECTION OF SUBCHAPTER 12 OF KRS CHAPTER 154 IS CREATED TO
READ AS FOLLOWS:
As used in Sections 1 to 4 of this Act:
(1) "Authority" means the Kentucky Economic Development Finance Authority;
(2) "Cabinet" means the Cabinet for Economic Development;
(3) "Eligible grant applicant" means a county or city governing body, or entity organized under Kentucky law
providing public services or a nonprofit charitable organization organized under 26 U.S.C. sec. 501(c)(3) or
(6) engaged in economic development, workforce investment, talent development, or community
development;
(4) "Eligible project" means a talent investment initiative established by an eligible grant applicant and
approved by the authority, which may include one (1) or more of the following:
(a) A plan to relocate employees or households from outside Kentucky;
(b) A plan to retain Kentucky students; or
(c) A targeted marketing campaign to engage potential new residents;
(5) "Fund" means the Kentucky Talent Recruitment Grant Program fund established in Section 4 of this Act;
(6) "Household goal" means the total number of households that a talent recruitment program seeks to
incentivize for relocating or committing to relocate from outside Kentucky to a Kentucky locality;
(7) "Program" means the Kentucky Talent Recruitment Grant Program;
(8) "Regional project" means an eligible project that is proposed by eligible grant applicants residing or having
a primary business address in different counties in this Commonwealth; and
(9) "Retention goal" means the total number of Kentucky students an eligible project seeks to retain.
SECTION 2. A NEW SECTION OF SUBCHAPTER 12 OF KRS CHAPTER 154 IS CREATED TO
READ AS FOLLOWS:
(1) The Kentucky Talent Recruitment Grant Program is hereby established under the cabinet. The cabinet's
administration of the program includes but is not limited to the following:
(a) Creating and making available a grant application for eligible grant applicants to apply for program
grant funds;
(b) Reviewing and processing applications submitted to the cabinet by eligible grant applicants; and
(c) Submitting grant applications to the authority for approval.
(2) The maximum amount of funding for each eligible grant applicant is five hundred thousand dollars
($500,000).
(3) If a grant application is approved by the authority as an eligible project under subsection (4)(a) or (b) of
Section 1 of this Act, the cabinet shall disburse fifty percent (50%) of the total grant award to the eligible
grant applicant upon execution of the grant agreement. The remaining fifty percent (50%) of the grant
award shall be disbursed upon the eligible grant applicant demonstrating to the authority, subject to its
approval, that fifty percent (50%) of the household goal or the retention goal has been met based on the
reported metrics set forth in subsection (4)(a) of Section 3 of this Act.

ACTS OF THE GENERAL ASSEMBLY 2
(4) The cabinet shall determine the terms, conditions, and requirements of grant awards from the fund. The
cabinet may establish procedures and standards for the review and approval of the obligation of grant funds
through the administrative regulations promulgated in accordance with KRS Chapter 13A.
(5) The secretary of the cabinet shall have the authority to hire staff, contract for services, expend funds, and
operate the normal business activities of the program.
SECTION 3. A NEW SECTION OF SUBCHAPTER 12 OF KRS CHAPTER 154 IS CREATED TO
READ AS FOLLOWS:
(1) Applications for the program shall include:
(a) At least one (1) eligible project;
(b) The total estimated cost of the program; and
(c) The individual estimated costs associated with the program design, administration, marketing, and
relocation efforts.
(2) Eligible grant applicants shall contribute twenty percent (20%) of total project costs. Applicant
contributions may include local investments and in-kind donations. For regional projects, one (1) or more
of the eligible grant applicants may combine to meet the twenty percent (20%) local match.
(3) Previous applicants may present a subsequent application if they met the household goal in their previous
application.
(4) Each approved eligible grant applicant shall report semiannually to the cabinet the following:
(a) The reported metrics from the initial application as provided under subsection (1)(c) of Section 2 of
this Act. Metrics may include:
1. Household recruitment targets;
2. Engagement rates;
3. Qualified interest metrics;
4. Documented perception shifts;
5. Student job placement connections;
6. Graduate retention rates;
7. The household goal and the grant amount per household;
8. The program's estimated state and local tax impact; and
9. The program's estimated total economic impact;
(b) A summary of the grant applications