Infrastructure Loan - Acquisition Process:
Infrastructure Loan - Acquisition Process:
This information is being provided as a result of a meeting with and according to the Kentucky Finance and Administration Cabinet: All infrastructure loans involving real property will be required to follow the Commonwealth of Kentucky Land Acquisition Process. (This is because we are dealing with real property and the state will be holding the title to the property until the loan is fully amortized. Note that if any particular step results in a problem for the property under consideration the cost incurred up to that point will be lost.)
The following are the steps involved in the process:
▪ Upon finding the piece of property the district will sign and enter into a MOA with the Division of Conservation. MOA will be provided by DOC.
▪ The district will bid out title work to do a title search – done from a list of certified title companies approved by the Finance Cabinet – Title Company Contact list is provided.
▪ If no problems are anticipated, the appraisal process will occur simultaneously with the title work. The appraisal will be from a list of certified appraisers approved by the Finance Cabinet – a Pre-qualified List of Fee Appraisers is provided. Appraisals are to be done in a narrative form and will follow template provided by Finance Cabinet. (Appraisal Checklist). After the first appraisal is completed it may require a second appraisal.
▪ If all is approved the seller will be asked to discuss terms and if terms can be agreed on they complete a land purchase contract or land contract – a Land Contract Form is provided by Finance Cabinet. (Land Contract form is not required, but is provided by Finance Cabinet as a sample contract for those who may need one. As long as a land contract meets legal requirements, any “form” is acceptable.)
▪ A survey will be required to be done by a list of certified surveyors approved by the Finance Cabinet – Surveyors - - Approved list is provided.
▪ An Environmental Review or assessment is to be completed by an environmental assessment specialist approved by the Finance Cabinet, through Engineering. Names will be provided.
▪ District and seller will complete acquisition closing, deed preparation, deed and survey recording, etc.
This is new information we are providing on the Infrastructure Loan process and if you have questions, please feel free to contact the Division of Conservation for assistance.
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