{"data":{"id":"us-ky/krs-65.686","jurisdiction":"us-ky","citation":"KRS 65.686","heading":"Establishment or modification of development area -- Procedure --","body":"Termination.\n(1) Any city or county may establish or modify a development area by:\n(a) Holding a public hearing by its governing body or its designee at which\ninterested parties are affo rded a reasonable opportunity to express their views\non the proposed creation or modification of a development area and its\nboundaries. Notice of the hearing shall:\n1. Include a declaration that the purpose of the hearing is to afford\ninterested parties an  opportunity to express their views regarding the\nproposed development area;\n2. Include a general description of the boundaries of the proposed\ndevelopment area;\n3. State the time and place of the hearing; and\n4. Be published in a local newspaper of genera l circulation at least seven\n(7) days but no more than twenty -one (21) days prior to the scheduled\nhearing date; and\n(b) Adopting an ordinance which shall:\n1. Describe the boundaries of the proposed development area with\nsufficiency to allow ordinary and r easonable certainty of the territory\nincluded. However, no proposed development area shall include\nproperty located in any other development area;\n2. Create the development area on a date certain, which shall be referred to\nas the commencement date;\n3. Assign a name to the proposed development area for identification\npurposes;\n4. Contain findings that the designation of the proposed development area\nwill result in the increase in the value of property located in the\ndevelopment area or result in increased e mployment within or around\nthe development area, or both;\n5. Approve the grant contract, if any, relating to a development area;\n6. Establish, if applicable, a special fund for that development area;\n7. Contain any other findings, limitations, rules, or procedures regarding\nthe proposed development area and its establishment or maintenance as\ndeemed necessary by the governing body; and\n8. Permit, if applicable, the levying of an assessment; and\n(c) Providing the official charged with collecting revenues in the development\narea, if the official is not an employee of the city or county designating the\ndevelopment area, with a description of the development area and any other\ninformation available which is ne eded to determine increments or new\nrevenues.\n(2) (a) For any development area for which increments do not include revenues from\nthe Commonwealth, increments generated in a development area shall be\nsubmitted by the official charged with collecting revenue s in the development\narea, to the city or county establishing the special fund for that development\narea, deposited to that special fund and used to pay the costs of projects or to\npay debt charges on increment bonds, except that increments payable to any\ncity or county other than the city or county establishing the development area\nshall be submitted to that city or county as if no development area existed\nunless that city or county is a party to a grant contract that provides that some\nor all of the increments are to be submitted to a special fund.\n(b) For any development area for which increments include revenues from the\nCommonwealth, increments paid by the city, county, or Commonwealth to the\nagency for which the development area is created shall be use d to pay the\ncosts of projects or to pay debt charges on increment bonds.\n(3) The existence of a development area shall terminate on the termination date.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23455","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"8d5338e2588d259d8f2f9be060fa9f7a6d8491dad857197667c249d09f389e9e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.6855","next":"us-ky/krs-65.687"},"notice":"GroundRules: Original legal text. Not legal advice."}