65.7053 Contents of ordinance establishing a development area -- Agency to
343 words·~2 min read·
/ky/65-7053A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
oversee and administer implementation of ordinance -- Termination date.
(1)An ordinance establishing a development area shall include the following
provisions:
(a)A legal description of the boundaries of the development area, and geographic
reference points;
(b)The establishment date;
(c)The termination date, including a provision that allows the termination date to
be extended as provided in KRS 65.7045(35);
(d)A name for the development area for identification purposes;
(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);
(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
form of a grant, loan, or loan guarantee, shall make periodic accounting to the
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
meeting the stated goals of the development area, and a requirement that the
review and analysis be forwarded to the authority if the development activity
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
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
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.