{"data":{"id":"us-ky/krs-65.7049","jurisdiction":"us-ky","citation":"KRS 65.7049","heading":"Establishment of development area for investment, reinvestment,","body":"development, use, and reuse pursuant to this section and KRS 65.7051 and\n65.7053 -- Conditions for establishment -- Findings required.\nAny city or county may establish a developmen t area pursuant to this section, KRS\n65.7051, and 65.7053 to encourage investment and reinvestment in and development, use,\nand reuse of areas of the city or county under the following conditions:\n(1) The area shall be contiguous and shall be no more than three (3) square miles;\n(2) The establishment or expansion of the development area shall not cause the\nassessed value of taxable real property within all development areas and local\ndevelopment areas of the city or county establishing the development area to exceed\ntwenty percent (20%) of the assessed value of all taxable real property within its\njurisdiction. For the purpose of determining whether the twenty percent (20%)\nthreshold has been met, the assessed value of taxable real property within all of the\ndevelopment areas and local development areas shall be valued as of the\nestablishment date;\n(3) The governing body of the city or county shall determine that the development area\neither:\n(a) Has two (2) or more of the following conditions:\n1. Substantial loss of residential, commercial, or industrial activity or use;\n2. Forty percent (40%) or more of the households are low -income\nhouseholds;\n3. More than fifty percent (50%) of residential, commercial, or industrial\nstructures are deteriorating or deteriorated;\n4. Substantial abandonment of residential, commercial, or industrial\nstructures;\n5. Substantial presence of environmentally contaminated land;\n6. Inadequate public improvements or substantial deterioration in public\ninfrastructure; or\n7. Any combinati on of factors that substantially impairs or arrests the\ngrowth and economic development of the city or county; impedes the\nprovision of adequate housing; impedes the development of commercial\nor industrial property; or adversely affects public health, safe ty, or\ngeneral welfare due to the development area's present condition and use;\nor\n(b) The project meets the requirements of KRS 65.7043(2)(a)1.b.; and\n(4) The governing body of the city or county shall find that all of the following are true\nfor projects meeting the requirements of paragraph (a) of subsection (3) of this\nsection:\n(a) That the development area is not reasonably expected to be developed without\npublic assistance. This finding shall be supported by specific reasons and\nsupporting facts, including a clear demonstration of the financial need for\npublic assistance; and\n(b) That the public benefits of the development area justify the public costs\nproposed. This finding shall be supported by specific data and figures\ndemonstrating that the projected benefits outweigh the anticipated costs and\nshall take into account the positive and negative effects of investment in the\ndevelopment on existing busines ses and residents within the community as a\nwhole; and\n(c) 1. That the area immediately surrounding the development area has not\nbeen subject to growth and development through investment by private\nenterprise; or\n2. If the area immediately surrounding the development area has been\nsubject to growth and development through investment by private\nenterprise, the identification of special circumstances within the\ndevelopment area that would prevent its development without public\nassistance.","path":["KRS Chapter 65"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=48328","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:22Z","sha256":"0db8c6abe2b6844361f15bdc259b46c37e5cba20fce122bd6832979de72c6f34","source_id":"us-ky","stale":false,"prev":"us-ky/krs-65.7047","next":"us-ky/krs-65.7051"},"notice":"GroundRules: Original legal text. Not legal advice."}