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65.7049 Establishment of development area for investment, reinvestment, development, use, and reuse pursuant to this section and KRS 65.7051 and 65.7053 -- Conditions for establishment -- Findings req

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Page 1 of 2 65.7049 Establishment of development area for investment, reinvestment, development, use, and reuse pursuant to this section and KRS 65.7051 and <br>65.7053 -- Conditions for establishment -- Findings required. Any city or county may establish a development area pursuant to KRS 65.7049, 65.7051, <br>and 65.7053 to encourage investment and reinvestment in and development, use, and <br>reuse of areas of the city or county under the following conditions: <br>(1) The area shall be contiguous and shall be no more than three (3) square miles; <br>(2) The establishment or expansion of the development area shall not cause the assessed value of taxable real property within all development areas and local <br>development areas of the city or county establishing the development area to exceed <br>twenty percent (20%) of the assessed value of all taxable real property within its <br>jurisdiction. For the purpose of determining whether the twenty percent (20%) <br>threshold has been met, the assessed value of taxable real property within all of the <br>development areas and local development areas shall be valued as of the <br>establishment date; (3) The governing body of the city or county shall determine that the development area has two (2) or more of the following conditions: <br>(a) Substantial loss of residential, commercial, or industrial activity or use; <br>(b) Forty percent (40%) or more of the households are low-income households; <br>(c) More than fifty percent (50%) of residential, commercial, or industrial structures are deteriorating or deteriorated; (d) Substantial abandonment of residential, commercial, or industrial structures; <br>(e) Substantial presence of environmentally contaminated land; <br>(f) Inadequate public improvements or substantial deterioration in public infrastructure; or (g) Any combination of factors that substantially impairs or arrests the growth and economic development of the city or county; impedes the provision of <br>adequate housing; impedes the development of commercial or industrial <br>property; or adversely affects public health, safety, or general welfare due to <br>the development area's present condition and use; and (4) The governing body of the city or county shall find that all of the following are true: (a) That the development area is not reasonably expected to be developed without public assistance. This finding shall be supported by specific reasons and <br>supporting facts, including a clear demonstration of the financial need for <br>public assistance; and (b) That the public benefits of the development area justify the public costs proposed. This finding shall be supported by specific data and figures <br>demonstrating that the projected benefits outweigh the anticipated costs and <br>shall take into account the positive and negative effects of investment in the <br>development on existing businesses and residents within the community as a <br>whole; and Page 2 of 2 (c) 1. That the area immediately surrounding the development area has not <br>been subject to growth and development through investment by private <br>enterprise; or 2. If the area immediately surrounding the development area has been <br>subject to growth and development through investment by private <br>enterprise, the identification of special circumstances within the <br>development area that would prevent its development without public <br>assistance. Effective: June 26, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 58, effective June 26, 2009. -- Created 2007 Ky. Acts ch. 95, sec. 5, effective March 23, 2007.