{"data":{"id":"us-ky/krs-65.502","jurisdiction":"us-ky","citation":"KRS 65.502","heading":"West End Opportunity Partnership -- Powers and duties -- Purposes.","body":"(1) The West End Opportunity Partnership is hereby created and shall be a public\ncorporation and a public body corporate and politic, with the powers and duties in\nits corporate name to:\n(a) Have a corporate seal;\n(b) Sue and be sued;\n(c) Make or execute contr acts and other instruments necessary or convenient to\nthe exercise of its powers;\n(d) Make, and from time to time amend and repeal, bylaws and procedures,\nincluding a policy and procedure for replacing any institution that has a\npermanent seat on the board , should an institution cease to exist or change\ncorporate form, to effect the purposes of KRS 65.500 to 65.506;\n(e) Hire and maintain personnel as may be required;\n(f) Borrow from and accept loans and grants from the federal, state, local\njurisdictions, o r any agency thereof, or from any sources, public or private,\nand to pledge such security as may be required;\n(g) Invest any funds held in reserves or any funds not required for immediate\ndisbursements, in property or securities in which savings banks may legally\ninvest funds subject to their control;\n(h) Purchase its bonds at a price not more than the principal amount thereof and\naccrued interest, and all bonds so purchased to be canceled;\n(i) Plan initiatives within the development area;\n(j) Invest in pro jects and neighborhood -based or neighborhood -directed\ninitiatives led by other organizations seeking to invest within the development\narea;\n(k) Make loans to businesses, individuals, or other organizations seeking to invest\nwithin the development area;\n(l) Receive proceeds from loans and grants;\n(m) Purchase, acquire, own, hold, and dispose of all real and personal property\nnecessary for carrying out its corporate purposes;\n(n) Invest in projects that create affordable housing within the development area;\n(o) Communicate with the advisory council established in KRS 65.506 to seek\nspecific knowledge about the community;\n(p) Adopt and comply with KRS Chapter 45A or develop a procurement code\ndesigned to provide for the purchase of supplies, equipment, service s, and\nconstruction items that provide the greatest long -term benefit to the\ndevelopment area, the greatest integrity for the West End Opportunity\nPartnership, and the best service and products for the public;\n(q) Develop a program that will:\n1. Raise awar eness of the income tax credit established under KRS\n141.398;\n2. Enable individuals in the development area to timely pay property taxes\nby lending funds on a short -term basis until the refundable income tax\ncredit is returned to the individual; and\n3. Assist individuals residing in the development area and qualifying for\nthe income tax credit by filling out returns or other paperwork required\nto claim the tax credit;\n(r) Create an account for the incremental tax increases collected from property\nowners of residential property located within the development area;\n(s) Create an account to make home improvements for existing property owners\nof residential property located within the development area; and\n(t) Exercise any power, duties, and requirements for car rying out its corporate\npurposes under KRS 65.500 to 65.506.\n(2) The purpose of the West End Opportunity Partnership shall be to:\n(a) Manage and support the revitalization of and investment in the development\narea, with a focus on projects supported by residents and businesses within the\ndevelopment area;\n(b) Encourage private investment in businesses and residential projects that will\nhave a significant impact within the development area;\n(c) Ensure that all projects include the employment of area resident s, both in\nshort-term construction jobs and long-term employment in businesses locating\nwithin the development area; and\n(d) Ensure that all housing projects include the creation of housing that is deemed\naffordable in accordance with federal guidelines for low-income families.\n(3) The West End Opportunity Partnership shall comply with KRS 61.800 to 61.850\nand 61.870 to 61.884.\n(4) The board shall comply with KRS Chapter 65A and the West End Opportunity\nPartnership shall be subject to audit under KRS 43.070.\n(5) (a) The West End Opportunity Partnership is solely responsible for its operations.\nNo debt of the West End Opportunity Partnership is a debt of the\nCommonwealth or consolidated local government. An action of the West End\nOpportunity Partnership is no t an action of the Commonwealth or a\nconsolidated local government and shall not obligate the Commonwealth or\nconsolidated local government in any manner.\n(b) Bonds issued by the board under the provisions of this section do not\nconstitute a debt of the Commonwealth or of any political subdivision thereof,\nor a pledge of the faith and credit of the Commonwealth or of any such\npolitical subdivision, but such bonds shall be payable solely from the funds,\nand security, provided therefor under the provisions of KRS 65.500 to 65.506,\nand all such bonds shall contain on the face thereof a statement to that effect.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51742","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:21Z","sha256":"4c3d80f939d58c16023fd67c84dcdd64b27f39a71c9d79a183fc7789aba66aae","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.501","next":"us-ky/krs-65.503"},"notice":"GroundRules: Original legal text. Not legal advice."}