Section 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:6/8/2011
Amended 2011, Ky. Acts ch. 62, sec. 6, effective6/8/2011. -- Amended 2009, (1st Extra. Sess.) Ky. Acts ch. 1, sec. 59, effective 6/26/2009. -- Amended 2008, Ky. Acts ch. 178, sec. 5, effective 7/15/2008. -- Created 2007, Ky. Acts ch. 95, sec. 7, effective 3/23/2007.