(A) For the purpose of this section the following definitions shall apply unless the context clearly indicates or requires a different meaning.
AUTHORITY. A local industrial development authority as established by KRS 152.810 through 152.930.
DEVELOPMENT OF LAND. The improvement and provision of facilities essential to the use of land for industrial and commercial purposes such as but not limited to core drilling, grading, sewerage systems, water systems, access roads, rail lines, electrical lines, and layout planning.
GOVERNMENTAL UNITS. Any city or combination of any two or more cities, any county or combination of two or more counties, or any city acting jointly with any county or counties.
INDUSTRIAL SITES, PARKS, and SUBDIVISIONS. Land suitable for one or more industries or commercial establishments.
PERSON. Any individual, firm, partnership, registered limited liability partnership, corporation, company, limited liability company, association, joint stock association, or body politic, and includes any trustee, receiver, assignee, or other similar representative thereof.
('74 Code, § 2-244)
(B) Findings. The City Council finds:
(1) That because of the lack of suitable industrial and commercial sites available within the area, new industry and commercial establishments find it not economically feasible to locate within the area; and
(2) That the city is presently engaged in an extensive economic development program to promote and stimulate the acquisition, retention, and development of industrial and commercial establishments within the area.
('74 Code, § 2-241)
(C) Purpose.
(1) The purpose of this section is to effect the declaration of public purpose set forth herein as it relates to the foregoing findings of the City Council and more particularly:
(a) To aid in the acquisition, retention, and development of land for industrial and commercial purposes in and near the city;
(b) To aid in the development and promotion of industrial sites, parks, and subdivisions for accommodating industrial and commercial needs;
(c) To promote and stimulate the acquisition, retention and development of land for industrial and commercial purposes in and near the city by other local development organizations, both public and private.
(2) The City Council declares that the acquisition of lands for the purpose of developing industrial sites, parks, and subdivisions, is a public and governmental function, exercised for a public purpose, and a matter of public necessity, and that such lands and other property, easements, and privileges acquired in the manner and for the purposes enumerated in KRS 152.810 through 152.930 shall and are declared to be acquired and used for public and governmental purpose and as a matter of public necessity.
('74 Code, § 2-242)
(D) Establishment of local industrial development authority. The City Council does establish a nonprofit industrial development authority to be known as the Greater Madisonville Area Industrial Authority hereinafter referred to as the authority. The authority shall be 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 effectively carry out the duties of a local industrial development authority as prescribed by KRS 152.810 through 152.930 as presently in effect, or as may hereafter be amended.
('74 Code, § 2-243)
(E) Functions of authority.
(1) The purpose, duties, and powers of the authority shall be to:
(a) Acquire, retain and develop land for industrial and commercial purposes in and near the city; aid in the development and promotion of industrial sites, parks, and subdivisions to meet industrial and commercial needs in and near the city.
(b) Encourage the acquisition, retention, and development of land for industrial and commercial needs in and near the city, by other local development organizations, both public and private.
(c) Cooperate with federal agencies in formulating development plans and in acquiring and developing land for industrial and commercial purposes in accordance with these plans.
(d) Acquire 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 152.810 through 152.930. The authority may sell or convey any or all land owned or optioned by it to any public or private organization, governmental unit, or industry for the purpose of constructing or operating any industrial or commercial facility, provided, however, that no sale or conveyance of any land shall be made to a private organization of 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.
(2) On the adoption by the authority of a resolution reciting that property is needed for industrial sites, parks, and subdivision and cannot be acquired by negotiation and purchase at its fair market value, the governmental units in which such land is located may direct and institute condemnation procedures in the name of such 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 Kentucky. On acquisition of the property, the governmental unit shall convey the property to the authority on payment by the authority to the governmental unit of an amount of money equal to the judgment and costs paid by the governmental unit.
('74 Code, § 2-215)
(F) Membership of authority.
(1) As prescribed by KRS 152.830, the authority shall be composed of six members, who shall be appointed as follows:
(a) If the authority is established solely by the city, such members shall be appointed by the Mayor with the Council's approval.
(b) If the authority should now or hereafter be established as a joint city of Madisonville-Hopkins County Industrial Development Authority, three members shall be appointed by the Mayor with the Council's approval and three members shall be appointed by the county judge-executive of Hopkins County with the fiscal court's approval.
(c) If the authority should now or hereafter be established as a joint industrial development authority be a combination of cities or counties, the Mayors or county judge-executives of such governmental units shall jointly choose six members and shall jointly choose their successors.
(2) Members of the authority shall serve for a term of four years each, and until their successors are appointed and qualified, provided, however, that initial appointments shall be made so that two members are appointed for two years, two members for three years and two members for four years. On expiration of these staggered terms, successors shall be appointed for a term of four years.
(3) A member of the authority may be replaced by the appointing governmental unit on a showing to such appointing governmental units of misconduct as an authority member or on conviction of a felony. No authority member shall hold any official office with the appointing governmental unit.
('74 Code, § 2-246)
(G) Withdrawal or dissolution of joint development authority.
(1) In the event that a joint industrial development authority is created and thereafter a governmental unit desires to withdraw from participation, then pursuant to the provisions of KRS 152.870, no such withdrawing governmental unit shall be entitled to the return of any money or property advanced the authority.
(2) Notwithstanding the foregoing provision, if various governmental units have established a joint industrial development authority, such governmental units may provide by a mutual written agreement between the governmental units and the authority, that such joint industrial development authority may be dissolved and may further provide that on such complete termination, all funds, property and other assets held by the joint industrial development authority shall be returned to the governmental units in the same proportion as contributions of funds, property, and other assets were made by such governmental units. This provision shall not apply and no dissolution shall be made until such time as all legal obligations of the joint industrial development authority shall be satisfied and all existing commitments fulfilled.
('74 Code, § 2-247)
(H) Quorum; effect of tie vote. A quorum for the transaction of the business of the authority shall consist of four members. Meetings of the authority may be called by the chairman or by four members. In case of tie voting by the authority, the issue shall be deemed to have failed passage.
('74 Code, § 2-248)
(I) Officers, employees; expenses of members.
(1) Members of the authority shall serve without compensation but shall be reimbursed for any actual and necessary expenses incurred by them in the conduct of the affairs of the authority. The authority shall, on the appointment of its members, organize and elect officers. The authority shall choose a chairman and vice-chairman who shall serve for terms of one year. The authority may fix a salary for the secretary-treasurer, and the secretary-treasurer shall execute an official bond to be set and approved by the authority, and the cost thereof shall be paid by the authority.
(2) The authority may employ necessary counsel, agents, and employees to carry out its work and functions and prescribe such rules and regulations as it deems necessary.
(3) The secretary-treasurer shall keep the minutes of all meetings of the authority and shall also keep a set of books showing the receipts and expenditures of the authority. He shall preserve on file duplicate vouchers for all expenditures and shall present to the authority, on request, complete reports of all financial transactions and the financial condition of the authority. Such books and vouchers shall at all times be subject to examination by the City Council or by any other legislative body by whom a joint authority may have been created. He shall transmit at least once annually a detailed report of all acts and doings of the authority to the City Council or legislative body or bodies by whom a joint authority may have been created.
('74 Code, § 2-249)
(J) Authority's power to receive appropriations; finance by borrowing or issuance of revenue bonds.
(1) In order to provide money for the purchase of property necessary to develop industrial sites, parks, and subdivisions, the City Council or the legislative body of any governmental unit creating the authority under KRS 152.810 through 152.930 may make an annual appropriation from its general fund for such industrial development. Any appropriation shall be made in such amounts, in such proportion and upon such terms as each such legislative body may determine. All funds derived from such appropriation shall be turned over to the authority for the purpose of carrying out the duties and powers of the authority.
(2) The authority may borrow money on its own credit in anticipation of revenue to be derived from appropriations or other income. For such purposes the authority may pledge the appropriations or income anticipated. The authority may pledge the industrial sites, parks, and subdivisions as security for moneys borrowed.
(3) The authority is authorized to defray the cost of acquiring and developing any industrial sites, parks, and subdivisions through the procedures set forth in KRS 103.200 through 103.285.
(4) The authority may, as an alternative method and in addition to all other methods provided by law, acquire and develop land for industrial and commercial use, and use revenue bonds in connection therewith under the terms and provisions of KRS Chapter 58.
('74 Code, § 2-250)
(K) Title to property; authority's property; revenues.
(1) The title to all property acquired by the authority shall vest in the authority.
(2) All property acquired for the development of industrial sites, parks, and subdivisions by the authority, as long as title to such property vests in the authority, shall be exempt from taxation by the city to the same extent as other property used for public purposes. All revenues collected by the authority shall also be exempt from taxation by the city. If the authority shall become a joint industrial development authority, all such property and revenues are exempt from taxation by the governmental unit creating the authority to the same extent as other property used for public purposes.
('74 Code, § 2-251) (Ord. Passed 7-3-78)