KRS 99.120: Forfeiture of rights of redevelopment corporation.

If a redevelopment corporation shall not have obtained the certificates of approval of its

development plan required by KRS 99.040 to 99.060 within twelve (12) months of the

date upon which it became a redevelopment corporation, or shall not substantially comply

with the development plan within the time limit for the completion of each stage thereof

as therein stated, reasonable delays caused by unforeseen difficulties excepted, then upon

the filing in the Department of State of a certified copy of the orde r of the court

establishing such failure to obtain such certificate or substantially so to comply, obtained

pursuant to KRS 99.190, such redevelopment corporation shall cease to have the special

rights, powers and privileges granted to, or be subject to th e special duties, liabilities and

restrictions imposed upon, a redevelopment corporation by KRS 99.010 to 99.310, and

shall thereafter change its name to remove the word "redevelopment" therefrom. In such

event, however, such corporation may thereafter con tinue in existence as a corporation,

subject to the general corporation law. In the event that a certified copy of such order

shall be so filed, all real property acquired by or for such redevelopment corporation by

condemnation shall be disposed of, eithe r alone or in conjunction with additional real

property not so acquired, within a reasonable time by bona fide sale. All amounts

received by the redevelopment corporation for such real property in excess of an amount

equal to that portion of the development cost allocable to the real property being disposed

of, shall be paid to the city.