KRS 99.210: Power of corporation to acquire real property -- City may condemn and

convey to corporation -- Federal or state aid -- Alternate method of acquiring

and conveying land.

(1) A redevelopment corporation may, whether before or after the certificates of

approval of its development plan required by KRS 99.040 to 99.060 have been

issued, acquire real property or secure options in its own name or in the name of

nominees to acquire real property, by gift, grant, lease, purchase or otherwise.

(2) Such city may, upon request by a redevelopment corporation, and after a certificate

of approval of condemnation with respect to the real property in question has been

issued pursuant to KRS 99.220, acquire, or obligate itself to acquire, for such

redevelopment corporatio n, any real property included in such certificate of

approval of condemnation, by condemnation. Real property acquired by such city

for a redevelopment corporation shall be conveyed by such city to the

redevelopment corporation upon payment to the city of all sums expended or

required to be expended by the city in the acquisition of such real property.

(3) In connection with the activities and projects of redevelopment corporations, the

city may apply for, receive, and accept grants -in-aid, gifts, credits, and all other aid

and in all forms, whether similar to or dissimilar from those particularly

enumerated, from the federal government, which embraces the United States of

America, its agencies and instrumentalities, or from the Commonwealth of

Kentucky, its agencies and instrumentalities or from both, under such lawful

contracts, terms, and conditions, as may be agreed upon.

(4) In order to further the accomplishment of the purposes of KRS 99.010 to 99.310,

and in addition to the powers heretofore or which m ay hereafter be granted to it, the

city may, as an alternate method of acquiring by gift, purchase, or condemnation,

and selling and transferring real property to a redevelopment corporation, by

ordinance or ordinances, proceed as follows:

(a) From time to time designate an area within such city as under consideration

for development under the provisions of KRS 99.010 to 99.310 and provide

for consultation with and aid from any and all city departments, commissions,

officers, employees, agencies, and instru mentalities, relating to the initiation

of the project.

(b) Apply for and receive gifts, grants, credits, and obtain loans for the

accomplishment of each development or developments generally, and obligate

such city to supervise the application of such fun ds for such purpose or

purposes, and also accept gifts, grants, conveyances and leaseholds within

such area or areas, and to provide funds, where necessary, to obtain gifts,

grants, credits or loans from the federal government, its agencies and

instrumentalities, or from the Commonwealth of Kentucky, its agencies and

instrumentalities, or from both or any other agency under such lawful

contracts, terms and conditions as may be agreed upon.

(c) Appropriate funds acquired under paragraph (b) or by taxation fo r the

acquisition of all or any part or parts of the property in each such area for

development under KRS 99.010 to 99.310 by purchase and by condemnation,

and for the clearance of all or any part or parts of the property owned by or

thus acquired by such city. Such condemnation shall be under the provisions

of KRS 99.010 to 99.310, but the city may waive request for condemnation or

deposit or obligation to furnish the funds, as set out in KRS 99.230.

(d) Advertise for the submission of development plans fo r such designated area

by a redevelopment corporation under the provisions of KRS 99.010 to

99.310, application therefor to be accompanied by a bid for such lands and

estates therein as the city owns or may obligate itself to purchase, or otherwise

acquire and lease, sublease, sell, or convey to the redevelopment corporation,

provided a plan is submitted and is finally accepted and approved under the

provisions of KRS 99.010 to 99.310. If more than one (1) plan and bid is

submitted for any one (1) project t hus advertised, then the plan and bid that

together would prove most beneficial to the city in accomplishing the

purposes of KRS 99.010 to 99.310 shall be submitted for approval under the

terms of KRS 99.010 to 99.310, but the city may reject any and all

applications, bids and plans. Said city shall be the sole judge as to which plan

is the most beneficial. Such advertisement shall clearly describe the area under

consideration for development, the part or parts thereof owned by the city or

which it will acq uire, and the estates in each parcel that is being offered for

sale, the terms and conditions, and shall be published pursuant to KRS

Chapter 424.

(e) The terms of the bid for such land or lands or leaseholds may be for all cash,

or part cash and part on time, or all on time, with or without interest, and with

or without lien retained. Any term of payment shall not be for a period

exceeding five (5) years from date of completion of the project.

(f) As a further inducement, the terms of the bid may provide f or a discount not

exceeding ten percent (10%) a year on such bid for each year, not exceeding

five (5), in event the development during each such year is in accordance with

the development plan.