(A) The assessment or reassessment moratorium shall become effective on the assessment date next following the issuance of the moratorium certificate by the administering agency.
(B) The taxable assessment of the qualifying commercial facility or CBD structure shall be that assessment provided for in KRS 99.605(2).
(C) The assessment or reassessment moratorium shall apply only with regard to city taxes.
(D) Rehabilitation, repair, restoration or stabilization may involve interior as well as exterior improvements. To qualify for the assessment or reassessment moratorium, the cost of the rehabilitation, repair, restoration or stabilization of a commercial facility or CBD structure shall amount to at least 5% of the property's most current taxable assessment. In addition, the rehabilitation, repair, restoration or stabilization must constitute more than merely routine upkeep of the commercial facility or CBD structure.
(E) On the assessment date next following the expiration, cancellation or revocation of an assessment or reassessment moratorium, property shall be assessed on the basis of its full fair cash value.
(F) Any commercial facility or CBD structure granted an assessment or reassessment moratorium may be eligible for a subsequent moratorium certification provided that reapplication be made no sooner than three years following the expiration of the original moratorium, or any other moratorium, and provided that such property shall otherwise meet the requirements for the assessment or reassessment moratorium.
(Ord. O-11-02, passed 6-3-02)