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 req - Kentucky Statutes

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Page 1 of 2 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 KRS 65.7049, 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 has two (2) or more of the following conditions:
(a) Substantial loss of residential, commercial, or industrial activity or use;
(b) Forty percent (40%) or more of the households are low-income households;
(c) More than fifty percent (50%) of residential, commercial, or industrial structures are deteriorating or deteriorated; (d) Substantial abandonment of residential, commercial, or industrial structures;
(e) Substantial presence of environmentally contaminated land;
(f) Inadequate public improvements or substantial deterioration in public infrastructure; or (g) 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; and (4) The governing body of the city or county shall find that all of the following are true: (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 Page 2 of 2 (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. Effective: June 26, 2009
History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 58, effective June 26, 2009. -- Created 2007 Ky. Acts ch. 95, sec. 5, effective March 23, 2007.