(1) Pursuant to KRS 154.50-301, et seq. (the "Local Industrial Development Authority Act" or the "Act"), the Lexington-Fayette Urban County Government is authorized to create a local non-profit industrial development authority for the purpose of aiding in the acquisition, retention and development of land for industrial and commercial purposes in Fayette County; to aid in the development and promotion of industrial sites, parks and subdivisions for accommodating industrial and commercial needs; and to promote and stimulate the acquisition, retention and development of land for industrial and commercial purposes in Fayette County by other local development organizations, both public and private.
(2) Pursuant to the Act, the Lexington-Fayette Urban County Government, through its urban county council, hereby authorizes and directs the formation of a non-profit industrial development authority to be named the "Lexington-Fayette Urban County Industrial Authority (the "industrial authority" or "authority"), which is a body politic and corporate, with the usual corporate attributes, and in its corporate name may sue and be sued, contract and be contracted with, and do all things reasonable or necessary to carry out the duties prescribed by the Act and this article.
(Ord. No. 87-2018 , § 1, 11-1-18)