In order to be eligible to receive the Special Assessment, the total expenditures that an owner of a Historic Property must incur applicable to a Historic Rehabilitation shall equal or exceed 20% of the fair market value of the historic property at the time in which Preliminary Certification is granted (the "Minimum Expenditure"). Fair market value shall be based upon:
(A) The appraised value of the Historic Property as certified by a licensed real estate appraiser and as submitted as part of an application for Preliminary Certification;
(B) The sales price of the Historic Property delineated in a bona fide, arms-length real estate transaction taking place within 12 months of the time that an application for preliminary certification is submitted; or
(C) The most recent appraised value determined by the Kershaw County Assessor.
(Ord. 2015-017, passed 8-25-15)