(A) Only property that has been vacant and/or deemed underutilized or dilapidated by the city for a period of not less than twelve (12) months shall be eligible for the program created by this chapter.
(B) Property must be renovated according to all federal, state, and local requirements with a minimum investment in the rehabilitation equal to or greater than fifty percent (50%) of the listed Campbell County Property Valuation Administrator’s assessed value at a price immediately prior to the purchase of the property.
(C) Applicant must be in good standing with all city taxes, loans, zoning and other obligations to the city.
(D) Applicant must comply with all terms listed in its approved development plan.
(E) Buildings must be within the city’s registered National Register of Historic Properties or be eligible to be included in the Register.
(F) A vacant property reimbursement request form shall be submitted annually to the city’s Clerk/Treasurer by the date specified on the form. The applicant businesses shall meet the minimum threshold of taxable income annually to receive the rebate.
(G) The relocating business shall not be eligible if by its nature it restricts public access, is a sexually oriented business, tavern, liquor store, pawn shop or would in the discretion of the city otherwise adversely impact the economic health or community welfare.
(H) The City Administrator shall have authority to add or include additional requirements necessary to implement and further the specific purposes of this chapter.
(I) The city shall have the right, at its sole discretion, to make a case by case determination of eligibility, based on the criteria listed in this program.
(Ord. 2011-02-03, passed 3-3-11)