65.686 Establishment or modification of development area -- Procedure -- Termination.
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65.686 Establishment or modification of development area -- Procedure --
Termination.
(1) Any city or county may establish or modify a development area by:
(a) Holding a public hearing by its governing body or its designee at which
interested parties are afforded a reasonable opportunity to express their views <br>on the proposed creation or modification of a development area and its <br>boundaries. Notice of the hearing shall: <br>1.
Include a declaration that the purpose of the hearing is to afford <br>interested parties an opportunity to express their views regarding the <br>proposed development area;
2.
Include a general description of the boundaries of the proposed <br>development area;
3.
State the time and place of the hearing; and
4.
Be published in a local newspaper of general circulation at least seven <br>(7) days but no more than twenty-one (21) days prior to the scheduled <br>hearing date; and
(b) Adopting an ordinance which shall:
1.
Describe the boundaries of the proposed development area with <br>sufficiency to allow ordinary and reasonable certainty of the territory <br>included. However, no proposed development area shall include <br>property located in any other development area;
2.
Create the development area on a date certain, which shall be referred to <br>as the commencement date;
3.
Assign a name to the proposed development area for identification <br>purposes;
4.
Contain findings that the designation of the proposed development area <br>will result in the increase in the value of property located in the <br>development area or result in increased employment within or around <br>the development area, or both;
5.
Approve the grant contract, if any, relating to a development area;
6.
Establish, if applicable, a special fund for that development area;
7.
Contain any other findings, limitations, rules, or procedures regarding <br>the proposed development area and its establishment or maintenance as <br>deemed necessary by the governing body; and
8.
Permit, if applicable, the levying of an assessment; and
(c) Providing the official charged with collecting revenues in the development
area, if the official is not an employee of the city or county designating the <br>development area, with a description of the development area and any other <br>information available which is needed to determine increments or new <br>revenues.
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(2) (a) For any development area for which increments do not include revenues from
the Commonwealth, increments generated in a development area shall be <br>submitted by the official charged with collecting revenues in the development <br>area, to the city or county establishing the special fund for that development <br>area, deposited to that special fund and used to pay the costs of projects or to <br>pay debt charges on increment bonds, except that increments payable to any <br>city or county other than the city or county establishing the development area <br>shall be submitted to that city or county as if no development area existed <br>unless that city or county is a party to a grant contract that provides that some <br>or all of the increments are to be submitted to a special fund.
(b) For any development area for which increments include revenues from the
Commonwealth, increments paid by the city, county, or Commonwealth to the <br>agency for which the development area is created shall be used to pay the <br>costs of projects or to pay debt charges on increment bonds.
(3) The existence of a development area shall terminate on the termination date.
Effective: July 15, 2002 <br>History: Amended 2002 Ky. Acts ch. 338, sec. 9, effective July 15, 2002. -- Amended
2001 Ky. Acts ch. 133, sec. 7, effective June 21, 2001. -- Created 2000 Ky. Acts <br>ch. 358, sec. 4, effective July 14, 2000.
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