The authority shall have the purpose, duties and powers provided in KRS 154.50-301 through 154.50-350, including, but not limited to:
(1) Acquiring, retaining and developing land for industrial and commercial purposes in Fayette County; aiding in the development and promotion of industrial sites, parks, and subdivisions to meet industrial and commercial needs in Fayette County.
(2) Encouraging the acquisition, retention, and development of land for industrial and commercial needs in Fayette County by other local development organizations, both public and private.
(3) Acquiring by contract, lease, purchase, gift, condemnation, 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 154.50-301 to 154.50-346. The authority may lease, sell, or convey any or all industrial sites, parks, and subdivisions owned or optioned by it to any public or private organization, governmental unit, or industry for the purpose of constructing and/or operating any manufacturing, industrial, or commercial facility. Provided, however, that no sale or conveyance of any land shall be made to a private organization or industry without such organization or industry first having executed a written contract with the authority providing that if no actual construction of a manufacturing, industrial, or commercial facility, as set forth in the executed contract, is commenced within five (5) years, the organization or industry shall offer to re-convey the land, free and clear of liens and encumbrances, to the authority, and should the authority accept the offer of re-conveyance, it shall return to the organization or industry ninety-five (95) percent of the purchase price paid therefor.
(4) Eminent domain by and through the Lexington-Fayette Urban County Government and in accordance with the applicable state statute and laws.
(Ord. No. 87-2018 , § 1, 11-1-18)