<br><br> <br>Page 1 of 1 <br>65.7053 Contents of ordinance establishing a development area -- Agency to <br>oversee and administer implementation of ordinance -- Termination date. <br>(1) An ordinance establishing a development area shall include the following <br>provisions: <br>(a) A legal description of the boundaries of the development area, and geographic <br>reference points; <br>(b) The establishment date; <br>(c) The termination date, including a provision that allows the termination date to <br>be extended as provided in KRS 65.7045(34); <br>(d) A name for the development area for identification purposes; <br>(e) A finding that the conditions in the development area meet the criteria <br>described in KRS 65.7049; <br>(f) A finding supporting the need to employ redevelopment assistance in the <br>development area; <br>(g) A provision adopting the development plan required by KRS 65.7051(1); <br>(h) Approval of any agreements relating to the development area, including any <br>local participation agreements; <br>(i) A provision establishing a special fund for the development area or any <br>project within the development area; <br>(j) A requirement that any entity other than the governing body that receives <br>financial assistance under the development area ordinance, whether in the <br>form of a grant, loan, or loan guarantee, shall make periodic accounting to the <br>governing body; <br>(k) A provision for periodic analysis and review by the governing body of the <br>development activity in the development area, a review of the progress in <br>meeting the stated goals of the development area, and a requirement that the <br>review and analysis be forwarded to the authority if the development activity <br>includes projects subject to a tax incentive agreement; <br>(l) Designation of the agency or agencies responsible for oversight, <br>administration, and implementation of the development ordinance; and <br>(m) Any other provisions, findings, limitations, rules, or procedures regarding the <br>proposed development area or a project within the development area and its <br>establishment or maintenance deemed necessary by the city or county. <br>(2) An ordinance establishing a development area may designate an existing agency to <br>oversee and administer implementation of a development area ordinance or a <br>portion thereof. <br>(3) Unless the ordinance establishing a development area requires an earlier date, a <br>development area shall cease to exist on the termination date. <br>Effective: June 26, 2009 <br>History: Amended 2009 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 59, effective June 26, <br>2009. -- Amended 2008 Ky. Acts ch. 178, sec. 5, effective July 15, 2008. -- Created <br>2007 Ky. Acts ch. 95, sec. 7, effective March 23, 2007. <br><br>