{"data":{"id":"us-ky/krs-99.120","jurisdiction":"us-ky","citation":"KRS 99.120","heading":"Forfeiture of rights of redevelopment corporation.","body":"If a redevelopment corporation shall not have obtained the certificates of approval of its\ndevelopment plan required by KRS 99.040 to 99.060 within twelve (12) months of the\ndate upon which it became a redevelopment corporation, or shall not substantially comply\nwith the development plan within the time limit for the completion of each stage thereof\nas therein stated, reasonable delays caused by unforeseen difficulties excepted, then upon\nthe filing in the Department of State of a certified copy of the orde r of the court\nestablishing such failure to obtain such certificate or substantially so to comply, obtained\npursuant to KRS 99.190, such redevelopment corporation shall cease to have the special\nrights, powers and privileges granted to, or be subject to th e special duties, liabilities and\nrestrictions imposed upon, a redevelopment corporation by KRS 99.010 to 99.310, and\nshall thereafter change its name to remove the word \"redevelopment\" therefrom. In such\nevent, however, such corporation may thereafter con tinue in existence as a corporation,\nsubject to the general corporation law. In the event that a certified copy of such order\nshall be so filed, all real property acquired by or for such redevelopment corporation by\ncondemnation shall be disposed of, eithe r alone or in conjunction with additional real\nproperty not so acquired, within a reasonable time by bona fide sale. All amounts\nreceived by the redevelopment corporation for such real property in excess of an amount\nequal to that portion of the development cost allocable to the real property being disposed\nof, shall be paid to the city.","path":["KRS Chapter 99"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26512","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:01Z","sha256":"442cca87d2ceeb388c06a9cbbb43cc6db53630157faa7986d2025a8affb54e23","source_id":"us-ky","stale":false,"prev":"us-ky/krs-99.110","next":"us-ky/krs-99.130"},"notice":"GroundRules: Original legal text. Not legal advice."}