KRS 65.7053: Contents of ordinance establishing a development area -- Agency to

oversee and administer implementation of ordinance -- Termination date.

(1) An ordinance establishing a development area shall include the following

provisions:

(a) A legal description of the boundaries of the development area, and geographic

reference points;

(b) The establishment date;

(c) The termination date, including a provision that allows the termination date to

be extended as provided in KRS 65.7045(35);

(d) A name for the development area for identification purposes;

(e) A finding that the conditions in the development area meet the criteria

described in KRS 65.7049;

(f) A finding supporting the need to employ redevelopment assistance in the

development area;

(g) A provision adopting the development plan required by KRS 65.7051(1);

(h) Approval of any agreements relating to the development area, including any

local participation agreements;

(i) A provision establishing a special fund for the development area or any

project within the development area;

(j) A requirement that any entity other than the governing body that receives

financial assistance under the development area ordinance, whether in the

form of a grant, loan, or loan guarantee, shall make periodic accounting to the

governing body;

(k) A provision for periodic analysis and review by the governing body of the

development activity in the development area, a review of the progress in

meeting the stated goals of the development area, and a requirement that the

review and analysis be forwarded to the authority if the development activity

includes projects subject to a tax incentive agreement;

(l) Designation of the agency or agencies responsible for oversight,

administration, and implementation of the development ordinance; and

(m) Any other provisions, findings, limitations, rules, or procedures regarding the

proposed development area or a project within the development area and its

establishment or maintenance deemed necessary by the city or county.

(2) An ordinance establishing a development area may designate an existing agency to

oversee and administer implementation of a development area ordinance or a

portion thereof.

(3) Unless the ordinance establishing a development area requires an earlier date, a

development area shall cease to exist on the termination date.