The Kentucky Supreme Court recently addressed the issue of whether a local non-profit community development organization, which bought property, made improvements, and sold it in order to facilitate economic growth, was a charitable organization for taxing purposes. The Floyd County Property Valuation Administrator wanted to tax a piece of property which the Prestonsburg Industrial Corporation had recently purchased from the city for $1 and a portion of the proceeds after resale. In Hancock v. Prestonsburg Industrial Corporation, __________ S.W.3d __________ the Court determined that it was not a “purely public charity” and was therefore subject to state taxation. [...]