(A) The city by and through its designated Incorporator is hereby authorized and directed to establish a non-profit, non-stock corporation organized under the laws of the State of Kentucky as authorized by the Local Industrial Development Authority Act contained in KRS Chapters 154.50-301 to 154.50-380.
(B) The City Manager is hereby authorized to file as an Incorporator Articles of Incorporation for a Non-Profit Corporation to be known as the City of Pikeville Economic and Development Authority Corporation with the Kentucky Secretary of State.
(C) The purpose of the Corporation shall be to aid in the acquisition, retention and development of land for economic, industrial and commercial purposes in the city and Pike County; to aid in the development and promotion of industrial sites, parks and subdivisions for accommodating industrial and commercial needs; to promote and stimulate the acquisition, retention and development of land for economic, industrial and commercial purposes in the city and Pike County by other local development organizations both public and private and as otherwise set forth in KRS Chapter 154 known as the Local Industrial Development Authority Act.
(D) The city’s Finance Officer is hereby authorized to apply on behalf of the Corporation with the Internal Revenue Service for 501(c)(3) status.
(Ord. 0-2017-23, passed 7-24-17)