99.450 Disposal of property in development area. - Kentucky Statutes

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99.450 Disposal of property in development area. The agency may sell, exchange, lease, or otherwise transfer real property acquired under
the provisions of KRS 99.330 to 99.510 to one or more private individuals or to public
bodies, and thereafter the real property shall be used only in accordance with the
limitations and conditions set forth in the development plan, or the development plan as
modified under KRS 99.330 to 99.510. Maximum opportunity, consistent with the sound
needs of the locality, shall be given private enterprise in the redevelopment of
development areas. The agency shall sell, lease, exchange, or withhold for public use by
the state or any public body thereof, all of the property which it has acquired in such
development area as soon as feasible and in the public interest. Prior to any such sale or
exchange of real property, the agency shall obtain appraisals made by independent
appraisers of the value of such real property proposed to be sold or exchanged, which
appraisals shall be based upon the new uses established for such real property. These
appraisals shall be used as a guide for the agency in disposing of its real property, but the
agency shall not be bound thereby. Effective: June 19, 1958
History: Amended 1958 Ky. Acts ch. 159, sec. 6, effective June 19, 1958. -- Created 1950 Ky. Acts ch. 119, sec. 14.