Any structure within the city which shall have been damaged by fire, decay or other causes to the extent that it would reasonably cost at least 50% of its fair market value to restore it to a condition which is safe and fit for human habitation shall be deemed to be irreparable and shall be demolished or, at the option of the owner, shall be rebuilt to standards for new construction under the Kentucky Building Code and Fire Safety Standards.
(1993 Code, § 15.12.200) (Ord. 91-07-10(B), passed - -)