KRS § 65.7049 — KY Code / Title IX / Chapter 65 / Section 65.7049
65.7049 Establishment of development area for investment, reinvestment, development, use, and reuse pursuant to this section and KRS 65.7051 and 65.7053 -- Conditions for establishment -- Findings required
Status: in_force

65.7049 Establishment of development area for investment, reinvestment,

development, use, and reuse pursuant to this section and KRS 65.7051 and

65.7053 -- Conditions for establishment -- Findings required.

Any city or county may establish a development area pursuant to this section, KRS

65.7051, and 65.7053 to encourage investment and reinvestment in and development, use,

and reuse of areas of the city or county under the following conditions:

(1) The area shall be contiguous and shall be no more than three (3) square miles;

(2) The establishment or expansion of the development area shall not cause the

assessed value of taxable real property within all development areas and local

development areas of the city or county establishing the development area to exceed

twenty percent (20%) of the assessed value of all taxable real property within its

jurisdiction. For the purpose of determining whether the twenty percent (20%)

threshold has been met, the assessed value of taxable real property within all of the

development areas and local development areas shall be valued as of the

establishment date;

(3) The governing body of the city or county shall determine that the development area

either:

(a) Has two (2) or more of the following conditions:

1. Substantial loss of residential, commercial, or industrial activity or use;

2. Forty percent (40%) or more of the households are low-income

households;

3. More than fifty percent (50%) of residential, commercial, or industrial

structures are deteriorating or deteriorated;

4. Substantial abandonment of residential, commercial, or industrial

structures;

5. Substantial presence of environmentally contaminated land;

6. Inadequate public improvements or substantial deterioration in public

infrastructure; or

7. Any combination of factors that substantially impairs or arrests the

growth and economic development of the city or county; impedes the

provision of adequate housing; impedes the development of commercial

or industrial property; or adversely affects public health, safety, or

general welfare due to the development area's present condition and use;

or

(b) The project meets the requirements of KRS 65.7043(2)(a)1.b.; and

(4) The governing body of the city or county shall find that all of the following are true

for projects meeting the requirements of paragraph (a) of subsection (3) of this

section:

(a) That the development area is not reasonably expected to be developed without

public assistance. This finding shall be supported by specific reasons and

supporting facts, including a clear demonstration of the financial need for

public assistance; and

(b) That the public benefits of the development area justify the public costs

proposed. This finding shall be supported by specific data and figures

demonstrating that the projected benefits outweigh the anticipated costs and

shall take into account the positive and negative effects of investment in the

development on existing businesses and residents within the community as a

whole; and

(c) 1. That the area immediately surrounding the development area has not

been subject to growth and development through investment by private

enterprise; or

2. If the area immediately surrounding the development area has been

subject to growth and development through investment by private

enterprise, the identification of special circumstances within the

development area that would prevent its development without public

assistance.