State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 099-00 > 450

Download pdf
Loading PDF...


99.450 Disposal of property in development area. The agency may sell, exchange, lease, or otherwise transfer real property acquired under <br>the provisions of KRS 99.330 to 99.510 to one or more private individuals or to public <br>bodies, and thereafter the real property shall be used only in accordance with the <br>limitations and conditions set forth in the development plan, or the development plan as <br>modified under KRS 99.330 to 99.510. Maximum opportunity, consistent with the sound <br>needs of the locality, shall be given private enterprise in the redevelopment of <br>development areas. The agency shall sell, lease, exchange, or withhold for public use by <br>the state or any public body thereof, all of the property which it has acquired in such <br>development area as soon as feasible and in the public interest. Prior to any such sale or <br>exchange of real property, the agency shall obtain appraisals made by independent <br>appraisers of the value of such real property proposed to be sold or exchanged, which <br>appraisals shall be based upon the new uses established for such real property. These <br>appraisals shall be used as a guide for the agency in disposing of its real property, but the <br>agency shall not be bound thereby. Effective: June 19, 1958 <br>History: Amended 1958 Ky. Acts ch. 159, sec. 6, effective June 19, 1958. -- Created 1950 Ky. Acts ch. 119, sec. 14.