99.675 Sale or exchange of real property. - Kentucky Statutes

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99.675 Sale or exchange of real property. The agency may sell, exchange, lease, or otherwise transfer real property acquired under
the provisions of KRS 99.610 to 99.680 to one (1) 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. Maximum opportunity,
consistent with the sound needs of the locality, shall be given private enterprise in the
development and subdevelopment of project 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 project 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 21, 1974
History: Created 1974 Ky. Acts ch. 131, sec. 14.