99.170 Determination of development cost.
186 words·~1 min read·
/ky/chapter-99/99-170A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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
may, file with the supervising agency an audited statement of the development cost
thereof. Within a reasonable time after the filing of such statement, the supervising
agency shall determine the development cost applicable to the development or such
portion thereof and shall issue to the redevelopment corporation a certificate stating
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
as to whether any particular item of cost therein may be included in development
cost when finally determined by the supervising agency, and the amount thereof.
The supervising agency shall, within a reasonable time after such application,
render a ruling thereon, and in the event that it shall be ruled that any item of cost
may be included in development cost, the amount thereof as so determined shall be
so included in development cost when finally determined.