2017 Kentucky Revised Statutes CHAPTER 65 - GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS .7049 Establishment of development area for investment, reinvestment, development, use, and reuse pursuant to this section and KRS 65.7051 and 65.7053 -- Conditions for establishment -- Findings required.
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65.7049 Establishment of development area for investment, reinvestment,
development, use, and reuse pursuant to this section and KRS 65.7051
and 65.7053 -- Conditions for establishment -- Findings required.
Any city or county may establish a development area pursuant to this section, KRS
65.7051, and 65.7053 to encourage investment and reinvestment in and
development, use, and reuse of areas of the city or county under the following
conditions:
(1) The area shall be contiguous and shall be no more than three (3) square miles;
(2) The establishment or expansion of the development area shall not cause the
assessed value of taxable real property within all development areas and local
development areas of the city or county establishing the development area to
exceed twenty percent (20%) of the assessed value of all taxable real property
within its jurisdiction. For the purpose of determining whether the twenty
percent (20%) threshold has been met, the assessed value of taxable real
property within all of the development areas and local development areas shall
be valued as of the establishment date;
(3) The governing body of the city or county shall determine that the development
area either:
(a) Has two (2) or more of the following conditions:
1.
Substantial loss of residential, commercial, or industrial activity or
use;
2.
Forty percent (40%) or more of the households are low-income
households;
3.
More than fifty percent (50%) of residential, commercial, or industrial
structures are deteriorating or deteriorated;
4.
Substantial abandonment of residential, commercial, or industrial
structures;
5.
Substantial presence of environmentally contaminated land;
6.
Inadequate public improvements or substantial deterioration in
public infrastructure; or
7.
Any combination of factors that substantially impairs or arrests the
growth and economic development of the city or county; impedes
the provision of adequate housing; impedes the development of
commercial or industrial property; or adversely affects public health,
safety, or general welfare due to the development area's present
condition and use; or
(b) The project is a mixed-use development:
1.
Located in a university research park;
2.
Located within three (3) miles of a military base that houses,
deploys, or employs any combination of at least twenty-five
thousand (25,000) military personnel, their families, military retirees,
or civilian employees; or
3.
Which includes either or both significant public storm water and
sanitary sewer facilities designed to comply with a community-wide
court decree mandating corrective action by the local government or
(4)
an agency thereof; and
The governing body of the city or county shall find that all of the following are
true for projects meeting the requirements of paragraph (a) of subsection (3) of
this section:
(a) That the development area is not reasonably expected to be developed
without public assistance. This finding shall be supported by specific
reasons and supporting facts, including a clear demonstration of the
financial need for public assistance; and
(b) That the public benefits of the development area justify the public costs
proposed. This finding shall be supported by specific data and figures
demonstrating that the projected benefits outweigh the anticipated costs
and shall take into account the positive and negative effects of investment
in the development on existing businesses and residents within the
community as a whole; and
(c) 1.
That the area immediately surrounding the development area has
not been subject to growth and development through investment by
private enterprise; or
2.
If the area immediately surrounding the development area has been
subject to growth and development through investment by private
enterprise, the identification of special circumstances within the
development area that would prevent its development without public
assistance.
Effective:April 10, 2017
History: Amended 2017 Ky. Acts ch. 174, sec. 3, effective April 10, 2017. -Amended 2013 Ky. Acts ch. 99, sec. 2, effective June 25, 2013. -- Amended
2011 Ky. Acts ch. 62, sec. 3, effective June 8, 2011. -- Amended 2009 (1st
Extra. Sess.) Ky. Acts ch. 1, sec. 58, effective June 26, 2009. -- Created 2007
Ky. Acts ch. 95, sec. 5, effective March 23, 2007.
Legislative Research Commission Note (4/10/2017). 2017 Ky. Acts ch. 174, sec.
5 provided that amendments made to subsection (3)(b) of this statute in 2017
Ky. Acts ch. 174, sec. 3 shall apply to applications for which a Tax Incentive
Agreement has not been approved prior to April 10, 2017 (the effective date of
that section of that Act).
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