(A) Declaration of public purpose. The acquisition of lands for the purpose of developing industrial sites, parks and subdivisions is hereby declared to be a public and governmental function exercised for a public purpose and matters of public necessity, and the lands and other property, easements and privileges acquired in the manner and for the purposes set forth in this article shall and are hereby declared to be acquired and used for public and governmental purposes and as a matter of public necessity.
(B) Title to property. The title to all property acquired by the Authority shall vest in the Authority.
(C) Tax-exempt status. All property acquired for the development of industrial sites, parks and subdivisions shall be exempt from taxation to the same extent as other property used for public purposes. All revenues collected by the Authority shall also be exempt from taxation.
(1977 Code, § 9.1-28) (Ord. 78-22, passed 7-10-1978)
Statutory reference:
Similar provisions, see KRS 154.50-343, 154.50-346