For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ADMINISTERING AGENCY. The agency delegated responsibility by the legislative body to implement the provisions of this subchapter.
ASSESSMENT OR REASSESSMENT MORATORIUM. The act of deferring the value of the improvements from the taxable assessment of qualifying units of real property for a period of five years.
COMBINED COMMERCIAL/RESIDENTIAL BUILDING. Any structure which has been in existence for at least 25 years (per KRS 99.595) and whose combined purpose is the operation of a commercial business enterprise and providing living facilities for one or more persons, per KRS 99.595(2) and KRS.595(3).
COMMERCIAL FACILITY. Any existing structure, the primary purpose and use of which is the operation of commercial business enterprise and which is 25 years old or older.
EXISTING RESIDENTIAL BUILDING.
(1) An existing building which is to provide independent living facilities for one or more persons; and
(2) Such buildings, for the purpose of qualifying for the property tax moratorium, shall be at least 25 years old or older; or located in any area designated as an “urban development area” under KRS Ch. 99.
LEGISLATIVE BODY. The Franklin County Fiscal Court.
REHABILITATION. The process of returning an existing structure to a state of utility through repair of alteration which makes possible an efficient contemporary use.
REPAIR. The reconstruction or renewal of any part of an existing structure for the purpose of maintenance.
RESTORATION. The process of accurately recovering the form and details of an existing structure and its setting as it appeared at a particular period of time by removal of later work or by the replacement of missing earlier work.
STABILIZATION. The process of applying measures designed to re-establish a weather-resistant enclosure and the structural stability of an unsafe or deteriorated property while maintaining the essential form as it exists.
(Ord. 12-2016, passed 6-24-2016)