KRS 154.50-320: Functions of authority.

(1) The purpose, duties, and powers of the authority shall be to:

(a) Acquire, retain, and develop land for industrial and commercial purposes in

Kentucky; aid in the development and promotion of industrial sites, parks, and

subdivisions to meet industrial and commercial needs in Kentucky.

(b) Encourage the acquisition, retention, and development of land for industrial

and commercial needs in Kentucky by other local development organizations,

both public and private.

(c) Cooperate with the United States Army Co rps of Engineers and other federal

agencies in formulating development plans and in acquiring and developing

land for industrial and commercial purposes in accordance with these plans.

(d) Acquire by contract, lease, purchase, gift, condemnation, or otherwise any real

or personal property, or rights therein, necessary or suitable for establishing

industrial sites, parks, or subdivisions. The authority may dispose of any real

or personal property, or rights therein, which in the opinion of the authority

are no longer needed to carry out the purposes of KRS 154.50 -301 to 154.50-

346. The authority may lease, sell, or convey any or all industrial sites, parks,

and subdivisions owned or optioned by it to any public or private

organization, governmental unit, or i ndustry for the purpose of constructing

and/or operating any manufacturing, industrial, or commercial facility.

Provided, however, that no sale or conveyance of any land shall be made to a

private organization or industry without such organization or indus try first

having executed a written contract with the authority providing that if no

actual construction of a manufacturing, industrial, or commercial facility, as

set forth in the executed contract, is commenced within ten (10) years, the

organization or industry shall offer to reconvey the land, free and clear of liens

and encumbrances, to the authority, and should the authority accept the offer

of reconveyance, it shall return to the organization or industry ninety -five

percent (95%) of the purchase price paid therefor.

(2) Upon the adoption by the authority of a resolution reciting that property is needed

for industrial sites, parks, and subdivisions and cannot be acquired by negotiation

and purchase at its fair market value, the governmental units in wh ich such land is

located may direct and institute condemnation proceedings in the name of such

governmental units, for the use and benefit of the authority. The procedure for

condemnation shall conform to the procedure set out in the Eminent Domain Act of

Kentucky. Upon acquisition of the property, the governmental unit shall convey the

property to the authority upon payment by the authority to the governmental unit of

an amount of money equal to the judgment and costs paid by the governmental unit.