65.7053 Contents of ordinance establishing a development area -- Agency to oversee and administer implementation of ordinance -- Termination date.
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65.7053 Contents of ordinance establishing a development area -- Agency to
oversee and administer implementation of ordinance -- Termination date.
(1) An ordinance establishing a development area shall include the following
provisions: <br>(a) A legal description of the boundaries of the development area, and geographic
reference points;
(b) The establishment date; <br>(c) The termination date, including a provision that allows the termination date to
be extended as provided in KRS 65.7045(34);
(d) A name for the development area for identification purposes; <br>(e) A finding that the conditions in the development area meet the criteria
described in KRS 65.7049;
(f) A finding supporting the need to employ redevelopment assistance in the
development area;
(g) A provision adopting the development plan required by KRS 65.7051(1); <br>(h) Approval of any agreements relating to the development area, including any
local participation agreements;
(i) A provision establishing a special fund for the development area or any
project within the development area;
(j) A requirement that any entity other than the governing body that receives
financial assistance under the development area ordinance, whether in the <br>form of a grant, loan, or loan guarantee, shall make periodic accounting to the <br>governing body;
(k) A provision for periodic analysis and review by the governing body of the
development activity in the development area, a review of the progress in <br>meeting the stated goals of the development area, and a requirement that the <br>review and analysis be forwarded to the authority if the development activity <br>includes projects subject to a tax incentive agreement;
(l) Designation of the agency or agencies responsible for oversight,
administration, and implementation of the development ordinance; and
(m) Any other provisions, findings, limitations, rules, or procedures regarding the
proposed development area or a project within the development area and its <br>establishment or maintenance deemed necessary by the city or county.
(2) An ordinance establishing a development area may designate an existing agency to
oversee and administer implementation of a development area ordinance or a <br>portion thereof.
(3) Unless the ordinance establishing a development area requires an earlier date, a
development area shall cease to exist on the termination date.
Effective: June 26, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 59, effective June 26,
2009. -- Amended 2008 Ky. Acts ch. 178, sec. 5, effective July 15, 2008. -- Created <br>2007 Ky. Acts ch. 95, sec. 7, effective March 23, 2007.
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