State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 099-00 > 675

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99.675 Sale or exchange of real property. The agency may sell, exchange, lease, or otherwise transfer real property acquired under <br>the provisions of KRS 99.610 to 99.680 to one (1) or more private individuals or to <br>public bodies, and thereafter the real property shall be used only in accordance with the <br>limitations and conditions set forth in the development plan. Maximum opportunity, <br>consistent with the sound needs of the locality, shall be given private enterprise in the <br>development and subdevelopment of project areas. The agency shall sell, lease, exchange, <br>or withhold for public use by the state or any public body thereof, all of the property <br>which it has acquired in such project area as soon as feasible and in the public interest. <br>Prior to any such sale or exchange of real property, the agency shall obtain appraisals <br>made by independent appraisers of the value of such real property proposed to be sold or <br>exchanged, which appraisals shall be based upon the new uses established for such real <br>property. These appraisals shall be used as a guide for the agency in disposing of its real <br>property, but the agency shall not be bound thereby. Effective: June 21, 1974 <br>History: Created 1974 Ky. Acts ch. 131, sec. 14.