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99.120 Forfeiture of rights of redevelopment corporation.

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99.120 Forfeiture of rights of redevelopment corporation. If a redevelopment corporation shall not have obtained the certificates of approval of its <br>development plan required by KRS 99.040 to 99.060 within twelve (12) months of the <br>date upon which it became a redevelopment corporation, or shall not substantially comply <br>with the development plan within the time limit for the completion of each stage thereof <br>as therein stated, reasonable delays caused by unforeseen difficulties excepted, then upon <br>the filing in the Department of State of a certified copy of the order of the court <br>establishing such failure to obtain such certificate or substantially so to comply, obtained <br>pursuant to KRS 99.190, such redevelopment corporation shall cease to have the special <br>rights, powers and privileges granted to, or be subject to the special duties, liabilities and <br>restrictions imposed upon, a redevelopment corporation by KRS 99.010 to 99.310, and <br>shall thereafter change its name to remove the word &quot;redevelopment&quot; therefrom. In such <br>event, however, such corporation may thereafter continue in existence as a corporation, <br>subject to the general corporation law. In the event that a certified copy of such order <br>shall be so filed, all real property acquired by or for such redevelopment corporation by <br>condemnation shall be disposed of, either alone or in conjunction with additional real <br>property not so acquired, within a reasonable time by bona fide sale. All amounts <br>received by the redevelopment corporation for such real property in excess of an amount <br>equal to that portion of the development cost allocable to the real property being disposed <br>of, shall be paid to the city. Effective: June 2, 1942 <br>History: Created 1942 Ky. Acts ch. 36, sec. 5.