The application procedures for the property assessment or reassessment moratorium shall be as follows:
(A) Any owner of an existing residential building or any owner or lessee of a commercial facility may make application to the Office of the City Clerk for a property assessment or reassessment moratorium certificate. Such application shall be filed within 30 days before commencing restoration, repair, rehabilitation or stabilization of the residential building or commercial facilities in question.
(B) Application forms shall be as prescribed by the Commonwealth of Kentucky Department of Revenue and shall be available at the office of the City Clerk. The City Clerk shall administer and regulate the manner of filing including but not limited to provisions for place of filing, number of copies, and filing of a copy with the property valuation administrator.
(C) The application shall contain or be accompanied by a general description of the proposed use of the property, the general nature and extent of the restoration, repair, rehabilitation or stabilization to be undertaken and a time schedule for undertaking and completing the project.
(D) Applications with respect to commercial facilities shall, in addition to the above-described information, be accompanied by a descriptive list of the fixed building equipment which will be part of the facility and a statement of the economic advantages expected from the moratorium, including expected construction employment.
(E) Except as otherwise provided herein, the property valuation administrator shall maintain a record of all applications for a property assessment or reassessment moratorium and shall assess or reassess the property within 30 days of receipt of the application.
(F) The City Clerk or his designee shall review the application and determine if the applicant is eligible pursuant to the provisions of this subchapter. The City Clerk shall issue a moratorium certificate only after completion of the project. The applicant shall notify the Office of the City Clerk when the project is complete and the Office of the City Clerk shall then conduct an on site inspection of the property for purposed of verifying improvements.
(G) The applicant shall have two years in which to complete the improvement unless granted an extension by the Office of the City Clerk. In no case shall the application be extended beyond two additional years. This provision shall not preclude normal reassessment of the property.
(H) Any application for an assessment or reassessment moratorium not acted upon by the applicant shall become void two years from the date of application and shall be purged from the files of the City Clerk.
(Ord. 551, passed 6-28-94)