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(A) Only commercial property that has been vacant and/or deemed underutilized or dilapidated by the City of Elsmere for a period of not less than 12 months shall be eligible for the program created by this chapter.
(B) Any commercial property meeting the minimum annual payroll set forth above that has been annexed into the city within the preceding 12 months shall be eligible for the program created by this chapter.
(C) Any improvements to the applicable commercial property must be made according to all federal, Kentucky, and local requirements with a minimum investment in the rehabilitation equal or greater than 50% of the listed Kenton County Property Valuation Administrator's assessed value immediately prior to the purchase of the property.
(D) Applicants must be in good standing with all City of Elsmere taxes, loans, zoning requirements, and any other obligations to the city.
(E) Applicants must comply with all terms listed in its approved development plan and agreement.
(F) An Elsmere Economic Development Incentive Rebate Request Form shall be submitted annually to the City Cleric/Treasurer by the date specified on the form. The applicant shall meet the minimum threshold of taxable income annually to receive the rebate.
(G) The following shall not be eligible for this program or incentives: A business that restricts public access, a sexually oriented business, tavern, liquor store, pawn shop, or business that is determined by the city to adversely impact the economic health and community welfare.
(H) The City Administrator shall have the authority to add or include additional requirements necessary to implement and further the specific purposes of this chapter.
(I) The City of Elsmere 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. 1645-2012, passed 10-23-12)