In accordance with the Act, the county hereby makes the following findings and determinations with respect to the Old Lexington Pike Local Development Area:
(A) The Old Lexington Pike Local Development Area consists of a contiguous tract of land that is less than 1,000 acres. The actual size of the Old Lexington Pike Local Development Area is approximately 70.22 acres;
(B) The Old Lexington Pike Local Development Area constitutes undeveloped land that is being developed; and
(C) The establishment of the Old Lexington Pike Local Development Area will not cause the assessed taxable value of real property within the Old Lexington Pike Local Development Area and within all "development areas" and "local development areas" established by the county (as those terms are defined in the Act) to exceed 20% of the total assessed taxable value of real property within the county. The assessed value of taxable real property within the Old Lexington Pike Local Development Area for calendar year 2020 was $165,710 and the total assessed value of taxable real property within the county for the calendar year 2020 exceeds $12,900,000,000. While the county has established other local development areas, in addition to the Old Lexington Pike Local Development Area, the total taxable real property assessment within all such areas, including the Old Lexington Pike Local Development Area, is just a very small percentage of the county's total taxable real property assessment. Therefore, the assessed value of taxable real property within the Old Lexington Pike Local Development Area is significantly less than 20% of the assessed value of taxable real property within the county.
(Ord. 2021-13, passed 5-25-21)