{"data":{"id":"us-ky/krs-154.50-320","jurisdiction":"us-ky","citation":"KRS 154.50-320","heading":"Functions of authority.","body":"(1) The purpose, duties, and powers of the authority shall be to:\n(a) Acquire, retain, and develop land for industrial and commercial purposes in\nKentucky; aid in the development and promotion of industrial sites, parks, and\nsubdivisions to meet industrial and commercial needs in Kentucky.\n(b) Encourage the acquisition, retention, and development of land for industrial\nand commercial needs in Kentucky by other local development organizations,\nboth public and private.\n(c) Cooperate with the United States Army Co rps of Engineers and other federal\nagencies in formulating development plans and in acquiring and developing\nland for industrial and commercial purposes in accordance with these plans.\n(d) Acquire by contract, lease, purchase, gift, condemnation, or otherwise any real\nor personal property, or rights therein, necessary or suitable for establishing\nindustrial sites, parks, or subdivisions. The authority may dispose of any real\nor personal property, or rights therein, which in the opinion of the authority\nare no longer needed to carry out the purposes of KRS 154.50 -301 to 154.50-\n346. The authority may lease, sell, or convey any or all industrial sites, parks,\nand subdivisions owned or optioned by it to any public or private\norganization, governmental unit, or i ndustry for the purpose of constructing\nand/or operating any manufacturing, industrial, or commercial facility.\nProvided, however, that no sale or conveyance of any land shall be made to a\nprivate organization or industry without such organization or indus try first\nhaving executed a written contract with the authority providing that if no\nactual construction of a manufacturing, industrial, or commercial facility, as\nset forth in the executed contract, is commenced within ten (10) years, the\norganization or industry shall offer to reconvey the land, free and clear of liens\nand encumbrances, to the authority, and should the authority accept the offer\nof reconveyance, it shall return to the organization or industry ninety -five\npercent (95%) of the purchase price paid therefor.\n(2) Upon the adoption by the authority of a resolution reciting that property is needed\nfor industrial sites, parks, and subdivisions and cannot be acquired by negotiation\nand purchase at its fair market value, the governmental units in wh ich such land is\nlocated may direct and institute condemnation proceedings in the name of such\ngovernmental units, for the use and benefit of the authority. The procedure for\ncondemnation shall conform to the procedure set out in the Eminent Domain Act of\nKentucky. Upon acquisition of the property, the governmental unit shall convey the\nproperty to the authority upon payment by the authority to the governmental unit of\nan amount of money equal to the judgment and costs paid by the governmental unit.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=2963","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:57Z","sha256":"2301ee756363b7add93921abcffbebecea08c33822d5ae72204e51f2fd017028","source_id":"us-ky","stale":false,"prev":"us-ky/krs-154.50-316","next":"us-ky/krs-154.50-323"},"notice":"GroundRules: Original legal text. Not legal advice."}