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99.060 Conditions of approval of plan by supervising agency.
(1)
(2)
A supervising agency may approve a development plan, but no certificate of
approval thereof shall be issued by it unless and until the planning commission
shall first have approved thereof and there has been filed with the supervising
agency the development plan, the certificate of approval by the planning
commission and an application for approval by the supervising agency, and
unless and until the supervising agency shall find:
(a) That the proposed method of financing the development is feasible and
that it is probable that the redevelopment corporation will be able to
finance or arrange to finance the development; and
(b) That the persons who it is proposed will be active in or associated with
the management of the redevelopment corporation during a period of at
least one (1) year from the date of the approval of the development plan
have sufficient ability and experience to cause the development to be
undertaken, consummated and managed in a satisfactory manner.
Any such determination shall be conclusive evidence of the facts so
determined except upon proof of fraud or willful misfeasance. In considering
whether or not a certificate of approval of the development plan shall be
issued, the supervising agency shall consider only those elements of the
development plan relevant to such determination under paragraphs (a) and (b)
of subsection (1) of this section. Upon approval of a development plan by the
supervising agency, it shall forthwith issue a certificate of approval thereof.
Effective:June 2, 1942
History: Created 1942 Ky. Acts ch. 36, sec. 3.
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