(A) 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.
(B) A quorum for the transaction of business of this organization shall consist of four (4) voting members of the Board. Meetings of this organization may be called by the Chairman of the Board or by four (4) members. In the event of tie voting by the Authority, the issue shall be deemed to have failed passage.
(C) This 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 prescribed by KRS 154.50-301 through 154.346.
(D) The purpose, duties and powers of the Authority shall be as outlined in KRS 154.50-301 through 153.50-346.
(1) Acquire, retain and develop land for industrial and commercial purposes in Kentucky; aid in the development of industrial sites, parks, and subdivisions to meet industrial and commercial needs in Kentucky.
(2) Encourage the acquisition, retention and development of land for industrial and commercial needs in Kentucky by other local development organizations, both public and private.
(3) Cooperate with the U.S. Army Corps of Engineers, Big Sandy Development District in acquiring and developing land for industrial and commercial purposes in accordance with these plans.
(4) 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 and 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 through 154.50-346. 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 and/or operating any 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 provided that if no actual construction of an industrial facility is commenced within two (2) years, the organization or industry shall re-convey the land, free and clear of liens and encumbrances, to the Authority, and the Authority shall return to the organization or industry nine-five percent (95%) of the purchase price paid therefor.
(E) Condemnation procedures. Upon the adopting by the Authority of a resolution reciting that property is needed for industrial sites, parks and subdivisions 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 proceedings 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. Upon acquisition of the property, the governmental unit shall convey the property to the Authority upon payment by the Authority to the governmental unit of an amount of money equal to the judgment and costs paid by the governmental unit.
(F) Limitations on condemnation powers. Notwithstanding any other provision or section of KRS 154.50-301 through 154.50-346, no governmental unit shall have the power to condemn property under KRS 154.50-301 through 154.50-346 unless the governmental unit has first given proper public notice as required by law stating the specific purpose for which the property to be condemned shall be used and the purposes shall be pleaded and proved in the condemnation action. The property shall be developed within a period of five (5) years pursuant to the purpose and the failure of the Authority to so develop shall entitle the person or person whose property was condemned to repurchase the property at the price the Authority paid to the governmental unit for the same. The person from whom the land is taken by condemnation shall have the right to reacquire the land as aforementioned by application to the court of competent jurisdiction, if such procedure be necessary, and shall be entitled to recovery of his or her costs and reasonable attorney’s fees necessary to reacquire the land.
(G) The Authority will be the organization responsible for industrial recruitment for local government. All other agencies involved in industrial recruitment should coordinate their activities through the Authority.
(H) In the event that the City of Pikeville or the County of Pike desires to withdraw from participation, then the remaining participant may choose a successor member or members of the Authority. No such withdrawing partner shall be entitled to the return of any money or property advanced such Authority.
(I) Notwithstanding the provisions of division (H) above, the city and the county having established the joint Industrial Development Authority as provided for herein, may provide by a mutual written agreement between the city and county and the joint Industrial Development Authority, that the joint Industrial Development Authority may be dissolved and may further provide that upon such complete termination, all funds, property and other assets held by the joint Industrial Development and Economic Authority shall be returned to the city and county in the same proportion as contributions of funds, property and other assets were made by the city and county. This division (I) shall not apply and no dissolution shall be made until such time as all legal obligations of the joint Authority shall be satisfied and all existing commitments fulfilled.
(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 and the promotions thereof, the legislative body of the city and county may make an annual appropriation from its General Fund by the legislative body in such amounts, in such proportion and upon such terms and the 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 monies borrowed.
(3) The Authority is authorized to defray the cost of acquiring, developing any industrial sites, parks, and subdivisions through the issuance of revenue bonds issued under the terms, conditions, and procedures set forth in KRS 103.200 to 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 issue revenue bonds in connection therewith under the terms and provisions of KRS Chapter 58 and under those provisions,
GOVERNMENTAL AGENCY means the Authority, and PUBLIC PROJECT means industrial sites, parks and subdivisions.
(K) The title of all property acquired by the Authority shall vest in the Authority. All property acquired for the development of industrial sites, parks and subdivisions shall be exempt from taxation to the same extent as other property used for public purposes. All revenues collected by the Authority shall also be exempt from taxation.
(L) The acquisition of any lands for the purpose of developing industrial sites, parks and subdivisions is hereby declared to be a public and governmental function, exercised for a public purpose, and a matter of public necessity, and such land and other property, easements and privileges acquired in the manner and for the purpose enumerated in KRS 154.50-301 through 154.50.346 shall and are hereby declared to the be acquired and used for public and governmental purposes and as a matter of public necessity.
(M) This agreement shall be effective as of the date of its approval in accordance with KRS 65.260 and remain in effect for a period of four (4) years, at which time the agreement may be terminated or renewed.
(Ord. 07-0-002, passed 2-26-07)