Summary of Original Version

Create a new section of KRS Chapter 65 to define terms; permit a local government to establish a housing development district by following specified procedure; allow a local government to exempt housing developments within the district from planning and zoning following a public hearing; permit other local taxing authorities to participate in the district; allow a local government to accept applications from developers to construct residential homes within the district; allow a local government to negotiate with a developer whose application it has accepted regarding rates associated with incentive payments to the developer; establish a means by which a developer shall be paid incentive payments by a local government; require area development districts to provide assistance to a local government in establishing a district; require the Cabinet for Economic Development to promote awareness of the district and incentive program and to provide a report to the LRC regarding utilization of the program.