KRS 99.450: Disposal of property in development area.

The agency may sell, exchange, lease, or otherwise transfer real property acquired under

the provisions of KRS 99.330 to 99.510 to one or more private individuals or to public

bodies, and thereafter the real property shall be used only in accordance with t he

limitations and conditions set forth in the development plan, or the development plan as

modified under KRS 99.330 to 99.510. Maximum opportunity, consistent with the sound

needs of the locality, shall be given private enterprise in the redevelopment of

development areas. The agency shall sell, lease, exchange, or withhold for public use by

the state or any public body thereof, all of the property which it has acquired in such

development area as soon as feasible and in the public interest. Prior to any such sale or

exchange of real property, the agency shall obtain appraisals made by independent

appraisers of the value of such real property proposed to be sold or exchanged, which

appraisals shall be based upon the new uses established for such real prope rty. These

appraisals shall be used as a guide for the agency in disposing of its real property, but the

agency shall not be bound thereby.