(A) The city shall issue investment short term rental business licenses, owner-occupied short term rental business licenses, and provisional short term rental business licenses.
(B) There will be no limit on the number of owner-occupied short term rental business licenses or provisional short term rental licenses issued.
(C) The maximum number of investment short term rental business licenses issued shall be 800, henceforth referred to as the cap.
(1) No new investment short term rental business licenses shall be issued unless the total number of investment short term rental business licenses are below the cap unless the ISTR license is issued due to hardship or after inheritance as defined in § 117.01.
(2) Any investment short term rental business license which remains in good standing may continue to be renewed annually, even if the number of investment short term rental business licenses exceeds the cap.
(3) A wait list will be established as soon as practical and maintained by the city. New licenses shall be offered to applicants according to procedures adopted by City Council.
(D) Non-transferable.
(1) Investment short term rental license wait list status terminates upon transfer of property and is non-transferable.
(2) Investment short term rental business licenses terminate upon transfer of property and are non-transferable.
(3) Owner-occupied short term rental business licenses terminate upon transfer of property and are non- transferable.
(4) Owner-occupied short term rental business licenses terminate upon loss of 4% property tax assessment status and are non-transferable.
(5) Provisional short term rental business licenses terminate 90 days after the date of issuance or upon the completion of the last eligible rental period if earlier than 90 days and are not transferrable.
(Ord. 033-22, passed - -; Am. Ord. 003-23, passed 4-11-23; Am. Ord. 001-24, passed 2-20-24)