Bill > SB50

This bill establishes a new legal framework for creating Residential Infrastructure Development Districts (RIDDs) in Kentucky, providing a detailed process for local governments to establish special districts for residential development. The bill defines a RIDD as an area of at least five acres requiring at least $5 million in capital costs, with over half the space dedicated to residential housing. Developers and property owners must submit an initiating petition to a local government, which then has 90 days to approve or deny the petition. If approved, the local government can issue bonds to fund infrastructure costs and levy special assessments on properties within the district to repay these costs. The special assessments will be based on the benefits each property receives, considering factors like frontage, total area, and assessed value. The bill allows local governments to use up to 5% of assessment revenues for administrative expenses and creates a lien process for unpaid assessments. Importantly, the bill also permits multiple local governments to jointly establish a district through an interlocal agreement, providing flexibility in regional development efforts. The district will be automatically dissolved once all infrastructure debt is paid, ensuring a clear endpoint to the special assessment process.

Business and Industry, Government Affairs

https://apps.legislature.ky.gov/record/25RS/sb50.html