99.020 Declaration of necessity for and purpose of KRS 99.010 to 99.310. - Kentucky Statutes

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99.020 Declaration of necessity for and purpose of KRS 99.010 to 99.310. It is hereby declared that in cities of the first and second class substandard and insanitary
areas exist which have resulted from inadequate planning, excessive land coverage, lack
of proper light, air, and open space, defective design and arrangement of buildings, lack
of proper sanitary facilities, and the existence of buildings which, by reason of age,
obsolescence, inadequate or outmoded design, or physical deterioration, have become
economic or social liabilities, or both; that such conditions are prevalent in areas where
substandard, insanitary, outworn or outmoded industrial, commercial or residential
buildings prevail, and are conducive to ill health, transmission of disease, infant
mortality, juvenile delinquency, crime and poverty; that such conditions impair the
economic value of large areas, infecting them with economic blight and that such areas
are characterized by depreciated values, impaired investments, and reduced capacity to
pay taxes; that such conditions are chiefly in areas which are so subdivided into small
parcels in divided ownerships and frequently with defective titles, that their assembly for
purposes of clearance, replanning, rehabilitation and reconstruction is difficult and costly;
that the existence of such conditions and the failure to clear, replan, rehabilitate or
reconstruct these areas result in a loss of population by the areas and further deterioration,
accompanied by added costs to the communities for creation of new public facilities and
services elsewhere; that it is difficult and uneconomic for individual owners
independently to undertake to remedy such conditions; that it is desirable to encourage
owners of property or holders of claims thereon in such areas to join together, with or
without other persons, or other persons to join together, in corporate groups, for the
purpose of the clearance, replanning, rehabilitation and reconstruction of such areas by
joint action; that it is necessary to create, with proper safeguards, inducements and
opportunities for the employment of private investment and equity capital in the
clearance, replanning, rehabilitation and reconstruction of such areas; that such conditions
require the employment of such capital on an investment rather than a speculative basis,
allowing, however, the widest latitude in the amortization of any indebtedness created
thereby; that such conditions further require the acquisition at fair prices of adequate
areas, the gradual clearance of such areas through demolition of existing obsolete,
inadequate, unsafe and insanitary buildings and the redevelopment of such areas under
proper supervision with appropriate planning, land use and construction policies; that the
clearance, replanning, rehabilitation and reconstruction of such areas on a large scale
basis are necessary for the public welfare; that the clearance, replanning, reconstruction
and rehabilitation of such areas are public uses and purposes for which private property
may be acquired; that such substandard and insanitary areas constitute a menace to the
health, safety, morals, welfare and reasonable comfort of the citizens of such cities and
the state; that such conditions require the creation of the agencies, instrumentalities and
corporations hereinafter described, for the purpose of attaining the ends herein recited;
that the protection and promotion of the health, safety, morals, welfare and reasonable
comfort of the citizens of such cities and the state are matters of public concern; and the
necessity in the public interest for the provisions hereinafter enacted is hereby declared as
a matter of legislative determination. Effective: June 14, 1968 History: Amended 1968 Ky. Acts ch. 152, sec. 83. -- Created 1942 Ky. Acts ch. 36, sec. 1.