KRS § 65.7053 Contents of ordinance establishing a development area -- Agency to oversee and administer implementation of ordinance -- Termination date.
AI-assisted research summary: An ordinance creating a development area must include specified contents, may assign oversight to an existing agency, and the development area ends on the termination date unless the ordinance sets an earlier date.
65.7053 Contents of ordinance establishing a development area -- Agency to 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. Effective: June 8, 2011 History: Amended 2011 Ky. Acts ch. 62, sec. 6, effective June 8, 2011. -- Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 59, effective June 26, 2009. -- Amended 2008 Ky. Acts ch. 178, sec. 5, effective July 15, 2008. -- Created 2007 Ky. Acts ch. 95, sec. 7, effective March 23, 2007.