A nonprofit, non-stock corporation shall be created pursuant to Chapter 58 of the Kentucky Revised Statutes to be known as the "Lexington Downtown Development Authority, Inc.," hereinafter referred to as the "development authority." The development authority shall be created to act as an agency, instrumentality and constituted authority of the urban county government in the acquisition and financing of any "public project" (as defined in KRS 58.180) which may be undertaken by the urban county government pursuant to the provisions of Kentucky law and thus accomplish a public purpose of the urban county government.
(Ord. No. 312-2001, § 1, 12-13-01)