{"data":{"id":"us-ky/krs-99.360","jurisdiction":"us-ky","citation":"KRS 99.360","heading":"Powers of the agency.","body":"(1) Each agency created for the purpose of KRS 99.330 to 99.510 shall constitute a\npublic body, corporate and politic, exercising public and essential governmental\nfunctions, and shall have the following powers in addition to the others granted:\n(a) To sue and  be sued; to have a seal; to make and execute contracts and other\ninstruments necessary or convenient to the exercise of its powers;\n(b) To make, and from time to time amend and repeal bylaws, rules and\nregulations not inconsistent with KRS 99.330 to 99.510 to carry into effect the\npowers and purposes thereof;\n(c) To select and appoint such officers, agents, counsel and employees, permanent\nand temporary, as it may require, and determine their qualifications, duties and\ncompensation, subject, however, to the provision of its budget;\n(d) Within its area of operation, for purposes of redevelopment within the\ndevelopment area, to purchase, lease, obtain option upon, acquire by gift,\ngrant, bequest, devise or otherwise, any real or personal property, or any\ninterest therein, together with any improvements thereon; to acquire by the\nexercise of the power of eminent domain any real property; to clear any and\nall buildings, structures or other improvements from any real property so\nacquired and to dispose of any per sonal property resulting therefrom; to sell,\nlease, exchange, subdivide, transfer, assign, pledge, encumber (by mortgage,\ndeed of trust or otherwise), or otherwise to dispose of any real or personal\nproperty or any interest therein at its fair value for uses in accordance with the\ndevelopment plan, irrespective of the cost of acquiring and preparing real\nproperty for redevelopment; to insure or provide for the insurance of any real\nor personal property or operation of the agency against risks or hazards; an d\npursuant to the provisions of KRS 99.450 to rent, maintain, manage, operate,\nand repair such real property;\n(e) To borrow from and to accept loans and grants from the federal government or\nany agency thereof, or from any sources, public or private, for t he purposes of\nKRS 99.330 to 99.510, and to pledge such security as may be required; an\nagency, notwithstanding the provisions of any other law, may include in any\ncontract for financial assistance with the federal government any conditions\nwhich the feder al government may attach to its financial aid of a\nredevelopment project, not inconsistent with the purposes of KRS 99.330 to\n99.510;\n(f) Within its area of operation, to develop as a building site or sites, any real\nproperty owned or acquired by it, and i n this connection to cause streets and\nhighways to be laid out and graded, and pavements or other road surfacing,\nsidewalks and curbs, and public utilities of every kind to be constructed and\ninstalled, or to close any streets according to the development plan;\n(g) Within its area of operation, to prepare from time to time plans for the\nimprovement or rehabilitation of slum and blighted areas; to make,\nperiodically, investigations and surveys pertaining to slum clearance and\nurban redevelopment;\n(h) To invest any funds held in reserves or sinking funds or any funds not required\nfor immediate disbursement, in property or securities in which savings banks\nmay legally invest funds subject to their control; to purchase its bonds at a\nprice not more than the prin cipal amount thereof and accrued interest, all\nbonds so purchased to be canceled;\n(i) To obligate lessees or purchasers of land acquired in a redevelopment project:\nTo use such land for the purpose designated in the development plan; to begin\nthe building of specified improvements within a period of time which the\nagency fixes as reasonable; and to comply with such other conditions as in the\nopinion of the agency are necessary to carry out the purposes of KRS 99.330\nto 99.510; the agency, by provision in th e contract, deed or lease may make\nany of the purchaser's obligations covenants or conditions running with the\nland, whose breach shall cause the fee to revert to the agency;\n(j) To exercise all or any part or combination of the powers herein granted; and\n(k) To expend public funds for the rehabilitation of private property within the\nagency's area of operation through loans or grants to the owners or occupants\nof such property.\n(2) Nothing contained in this section shall authorize such agency to construct any of the\nbuildings for residential, commercial, industrial or other use contemplated by the\ndevelopment plan.","path":["KRS Chapter 99"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=26536","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:01Z","sha256":"58db572534818052a23181531c8ef44999fc5f141f68f77ca6d86841c6e24887","source_id":"us-ky","stale":false,"prev":"us-ky/krs-99.350","next":"us-ky/krs-99.370"},"notice":"GroundRules: Original legal text. Not legal advice."}