Find Legal Information

99.170 Determination of development cost.

Download pdf

99.170 Determination of development cost. (1) Upon the completion of a development a redevelopment corporation shall, or upon the completion of a principal part of a development a redevelopment corporation <br>may, file with the supervising agency an audited statement of the development cost <br>thereof. Within a reasonable time after the filing of such statement, the supervising <br>agency shall determine the development cost applicable to the development or such <br>portion thereof and shall issue to the redevelopment corporation a certificate stating <br>the amount thereof as so determined. (2) A redevelopment corporation may, at any time, whether prior or subsequent to the undertaking of any contract or expense, apply to the supervising agency for a ruling <br>as to whether any particular item of cost therein may be included in development <br>cost when finally determined by the supervising agency, and the amount thereof. <br>The supervising agency shall, within a reasonable time after such application, <br>render a ruling thereon, and in the event that it shall be ruled that any item of cost <br>may be included in development cost, the amount thereof as so determined shall be <br>so included in development cost when finally determined. Effective: June 2, 1942 <br>History: Created 1942 Ky. Acts ch. 36, sec. 9.