The purpose, duties and powers of the Authority shall be to:
(A) Acquire, retain and develop land for industrial and commercial purposes in the city and the county; aid in the development and promotion of industrial sites, parks and subdivisions to meet industrial and commercial needs in the city and the county;
(B) Encourage the acquisition, retention and development of land for industrial and commercial needs by other local development organizations, both public and private;
(C) Acquire by contract, lease, purchase, gift or otherwise any real or personal property, or rights therein, necessary or suitable for establishing industrial sites, parks or subdivisions. The Authority may dispose of any real or personal property, or rights therein, which in the opinion of the Authority are no longer needed to carry out the purposes of KRS 154.50-316 to 154.50-340. The Authority may sell or convey any or all land owned or optioned by it to any public or private organizations, governmental unit or industry for the purpose of constructing and/or operating any industrial or commercial facility. Provided, however, that no sale or conveyance of any land shall be made to a private organization or industry without the organization or industry first having executed a written contract with the Authority providing that if no actual construction of an industrial facility is commenced within two years, the organization or industry shall reconvey the land, free and clear of liens and encumbrances, to the Authority, and the Authority shall return to the organization or industry 95% of the purchase price paid therefor; and
(D) Upon the adoption by the Authority of a resolution reciting that property is needed for industrial sites, parks and subdivisions and cannot be acquired by negotiation and purchase at its fair market value, the governmental units in which the land is located may direct and institute condemnation proceedings in the name of the governmental units, for the use and benefit of the Authority. The procedure for condemnation shall conform to the procedure set out in the Eminent Domain Act of the state being KRS 416.540 to 416.680. Upon acquisition of the property, the governmental unit shall convey the property to the Authority upon payment by the Authority to the governmental unit of an amount of money equal to the judgement and costs paid by the governmental unit.
(2000 Code, § 2-52)