(A) Application.
(1) Any owner or lessee of an existing commercial facility or CBD structure may make an application to the administering agency for a property assessment or reassessment moratorium certificate. The application shall be filed with the proper administering agency 30 days prior to commencing rehabilitation, repair, restoration or stabilization and shall be filed in a manner prescribed by the administering agency and on a form prescribed by the Revenue Cabinet. The application shall contain or be accompanied by a general description of the property and a general description of the proposed use of the property, the general nature and extent of the rehabilitation, repair, restoration or stabilization to be undertaken, an estimate of total project costs with final costs required to exceed 5% of the property's most current taxable assessment, and a time schedule for undertaking and completing the project. The application shall, in addition, be accompanied by a descriptive list of the fixed building equipment which will be a part of the commercial facility or CBD structure and a statement of the economic advantages expected from the moratorium, which may include construction employment.
(2) Except as otherwise provided herein, the property valuation administrator, or other assessing official, and the administering agency shall maintain a record of all applications for a property assessment or reassessment moratorium and shall assess or reassess the property within 30 days of receipt of the application.
(3) The applicant shall have two years to complete the improvements unless granted an extension by the administering agency. In no case shall the application be extended beyond two additional years. This provision shall not preclude normal reassessment of the subject property. The assessment or reassessment moratorium would not necessarily freeze the assessment on the entire unit of qualifying real property, but rather only defer the addition of the improvement to the total assessment for the taxable unit for the duration of the moratorium period. Any application for a moratorium not acted upon by the applicant shall be void two years from the date of application and shall be removed from the files.
(B) Issuance of moratorium certificate.
(1) The applicant shall notify the administering agency when the project is complete, and the administering agency shall then conduct an on-site inspection of the property for purposes of verifying improvements. The administering agency shall issue a moratorium certificate only after completion. of the project and the on-site inspection.
(2) An assessment or reassessment moratorium certificate may be transferred or assigned by the holder of the certificate to a new owner or lessee of the property.
(Ord. O-11-02, passed 6-3-02)