99.210 Power of corporation to acquire real property -- City may condemn and convey to corporation -- Federal or state aid -- Alternate method of acquiring and conveying land. - Kentucky Statutes

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99.210 Power of corporation to acquire real property -- City may condemn and convey to corporation -- Federal or state aid -- Alternate method of acquiring
and conveying land. (1) A redevelopment corporation may, whether before or after the certificates of approval of its development plan required by KRS 99.040 to 99.060 have been
issued, acquire real property or secure options in its own name or in the name of
nominees to acquire real property, by gift, grant, lease, purchase or otherwise. (2) Such city may, upon request by a redevelopment corporation, and after a certificate of approval of condemnation with respect to the real property in question has been
issued pursuant to KRS 99.220, acquire, or obligate itself to acquire, for such
redevelopment corporation, any real property included in such certificate of
approval of condemnation, by condemnation. Real property acquired by such city
for a redevelopment corporation shall be conveyed by such city to the
redevelopment corporation upon payment to the city of all sums expended or
required to be expended by the city in the acquisition of such real property. (3) In connection with the activities and projects of redevelopment corporations, the city may apply for, receive, and accept grants-in-aid, gifts, credits, and all other aid
and in all forms, whether similar to or dissimilar from those particularly
enumerated, from the federal government, which embraces the United States of
America, its agencies and instrumentalities, or from the Commonwealth of
Kentucky, its agencies and instrumentalities or from both, under such lawful
contracts, terms, and conditions, as may be agreed upon. (4) In order to further the accomplishment of the purposes of KRS 99.010 to 99.310, and in addition to the powers heretofore or which may hereafter be granted to it, the
city may, as an alternate method of acquiring by gift, purchase, or condemnation,
and selling and transferring real property to a redevelopment corporation, by
ordinance or ordinances, proceed as follows:
(a) From time to time designate an area within such city as under consideration for development under the provisions of KRS 99.010 to 99.310 and provide
for consultation with and aid from any and all city departments, commissions,
officers, employees, agencies, and instrumentalities, relating to the initiation
of the project. (b) Apply for and receive gifts, grants, credits, and obtain loans for the accomplishment of each development or developments generally, and obligate
such city to supervise the application of such funds for such purpose or
purposes, and also accept gifts, grants, conveyances and leaseholds within
such area or areas, and to provide funds, where necessary, to obtain gifts,
grants, credits or loans from the federal government, its agencies and
instrumentalities, or from the Commonwealth of Kentucky, its agencies and
instrumentalities, or from both or any other agency under such lawful
contracts, terms and conditions as may be agreed upon. (c) Appropriate funds acquired under paragraph (b) or by taxation for the acquisition of all or any part or parts of the property in each such area for
development under KRS 99.010 to 99.310 by purchase and by condemnation, and for the clearance of all or any part or parts of the property owned by or
thus acquired by such city. Such condemnation shall be under the provisions
of KRS 99.010 to 99.310, but the city may waive request for condemnation or
deposit or obligation to furnish the funds, as set out in KRS 99.230. (d) Advertise for the submission of development plans for such designated area by a redevelopment corporation under the provisions of KRS 99.010 to
99.310, application therefor to be accompanied by a bid for such lands and
estates therein as the city owns or may obligate itself to purchase, or otherwise
acquire and lease, sublease, sell, or convey to the redevelopment corporation,
provided a plan is submitted and is finally accepted and approved under the
provisions of KRS 99.010 to 99.310. If more than one (1) plan and bid is
submitted for any one (1) project thus advertised, then the plan and bid that
together would prove most beneficial to the city in accomplishing the
purposes of KRS 99.010 to 99.310 shall be submitted for approval under the
terms of KRS 99.010 to 99.310, but the city may reject any and all
applications, bids and plans. Said city shall be the sole judge as to which plan
is the most beneficial. Such advertisement shall clearly describe the area under
consideration for development, the part or parts thereof owned by the city or
which it will acquire, and the estates in each parcel that is being offered for
sale, the terms and conditions, and shall be published pursuant to KRS
Chapter 424. (e) The terms of the bid for such land or lands or leaseholds may be for all cash, or part cash and part on time, or all on time, with or without interest, and with
or without lien retained. Any term of payment shall not be for a period
exceeding five (5) years from date of completion of the project. (f) As a further inducement, the terms of the bid may provide for a discount not exceeding ten percent (10%) a year on such bid for each year, not exceeding
five (5), in event the development during each such year is in accordance with
the development plan. Effective: June 17, 1966
History: Amended 1966 Ky. Acts ch. 239, sec. 99. -- Amended 1944 Ky. Acts ch. 128, sec. 1. -- Created 1942 Ky. Acts ch. 36, sec. 13.