First Property Purchase under new Land Reuse and Redevelopment Provisions

Former Kuhlman Electric building. Photo credit: Shawn Cecil
Former Kuhlman Electric building.
Photo credit: Shawn Cecil

A new sign will be going up at the former Kuhlman Electric building in Versailles, Ky. The 27-acre site was recently purchased by Tim and Anna Cambron, co-owners of Ruggles
Sign Company
, as the new location for their successful Kentucky family-owned and operated business. Check out the recent Woodford Sun article by Bob
Vlach
.

This is a monumental “first” in our state – this is the first property to change hands under the new provisions of House Bill 465, a bill signed into Kentucky law last year on April 11, 2012. The primary goal of the new provisions is to encourage property redevelopment by providing a mechanism for the state to work with prospective property owners to remove environmental liability obstacles and to increase certainty regarding future liability. The new law is found in Kentucky Revised Statute 224.01-415 with some additional effect on KRS 224.60-138(1) for underground storage tank (UST) cleanups.

The Cambrons and their consultant worked together with the Kentucky
Division of Waste Management
 to Continue reading “First Property Purchase under new Land Reuse and Redevelopment Provisions”

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