(A) The Shelbyville/Shelby County Industrial Development Authority is hereby created pursuant to KRS 152.810 and 152.930.
(B) The purposes for which this Authority is formed are:
(1) To act as a governmental agency, instrumentality and constituted authority of the city and the County of Shelby, Kentucky, in the acquisition, improvement, construction, erection, equipping, furnishing and financing of public projects pursuant to Kentucky law and in particular KRS 152.810 to accomplish a public purpose.
(2) To acquire, retain, develop and promote land for industrial purposes in Shelby County.
(3) To aid in the development and promotion of industrial sites, parks and subdivisions to meet industrial and commercial needs in Shelby County.
(4) To encourage the acquisition, retention and development of land for industrial and commercial needs in Shelby County by other local development organizations both public and private.
(5) To cooperate with other federal, state and local agencies in formulating development plans and in acquiring and developing land for industrial and commercial purposes in accordance with such plan.
(6) To acquire, by contract, lease, purchase, gift, condemnation or otherwise any real or personal property, or right therein, necessary or suitable for establishing industrial sites, parks or subdivisions.
(7) To review and make recommendations to the City Council and the Fiscal Court regarding requests for the issuance of Industrial Revenue Bonds.
(Ord. - -, passed 2-2-87)