65.686 Establishment or modification of development area -- Procedure --
547 words·~2 min read·
/ky/65-686A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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
on the proposed creation or modification of a development area and its
boundaries. Notice of the hearing shall:
1. Include a declaration that the purpose of the hearing is to afford
interested parties an opportunity to express their views regarding the
proposed development area;
2. Include a general description of the boundaries of the proposed
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
(7)days but no more than twenty-one
(21)days prior to the scheduled
hearing date; and
(b)Adopting an ordinance which shall:
1. Describe the boundaries of the proposed development area with
sufficiency to allow ordinary and reasonable certainty of the territory
included. However, no proposed development area shall include
property located in any other development area;
2. Create the development area on a date certain, which shall be referred to
as the commencement date;
3. Assign a name to the proposed development area for identification
purposes;
4. Contain findings that the designation of the proposed development area
will result in the increase in the value of property located in the
development area or result in increased employment within or around
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
the proposed development area and its establishment or maintenance as
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
development area, with a description of the development area and any other
information available which is needed to determine increments or new
revenues.
(a)For any development area for which increments do not include revenues from
the Commonwealth, increments generated in a development area shall be
submitted by the official charged with collecting revenues in the development
area, to the city or county establishing the special fund for that development
area, deposited to that special fund and used to pay the costs of projects or to
pay debt charges on increment bonds, except that increments payable to any
city or county other than the city or county establishing the development area
shall be submitted to that city or county as if no development area existed
unless that city or county is a party to a grant contract that provides that some
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
agency for which the development area is created shall be used to pay the
costs of projects or to pay debt charges on increment bonds.
(3)The existence of a development area shall terminate on the termination date.