(A) There is hereby established a program for the granting of property assessment or reassessment moratoriums for the rehabilitation of qualified units of real property located in the city defined by the historic preservation district as set out in this chapter.
(B) To be eligible, the cost of rehabilitation, including materials and labor, must equal or exceed twenty thousand dollars ($20,000).
(C) For purposes of this section, "REHABILITATION" is defined as the process of returning an existing structure to a state of utility through repair or alteration which makes possible an efficient contemporary use.
(D) The moratorium program shall be administered by the city's Historic District Coordinator.
(E) All moratoriums shall be for a period of five (5) years, and each shall become effective on the assessment date next following the issuance of the moratorium certificate.
(F) Applications shall be made to the Property Valuation Administrator for a property assessment or reassessment moratorium certificate as follows:
(1) The application shall be on a form prescribed by the Department of Revenue and shall be filed in the manner prescribed by the Historic District Coordinator.
(2) The application shall be filed with the Historic District Coordinator thirty (30) days before commencing the restoration.
(3) The application shall contain the following:
(a) A general description of the property;
(b) A general description of its proposed use;
(c) The general nature and extent of the rehabilitation to be undertaken;
(d) A time schedule for undertaking and completing the project; and
(e) If the property is a commercial facility, the application shall also contain a descriptive list of the fixed building equipment which will be a part of the facility and a statement of the economic advantages expected from the moratorium, including expected construction employment.
(G) The Property Valuation Administrator and the Historic District Coordinator shall maintain a record of all applications for a property assessment or reassessment moratorium. The Property Valuation Administrator shall assess or reassess the property within thirty (30) days of receipt of the application. This assessment shall be the value for which taxes are not to be raised for five (5) years.
(H) The applicant shall have two (2) years in which to complete the improvements.
(I) Any application not acted upon by the applicant shall become void after two (2) years from the date of application and shall be purged from the files of the Property Valuation Administrator and the Historic District Coordinator.
(J) 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.
(K) The applicant shall notify the Property Valuation Administrator and Historic District Coordinator when the project is complete. The person designated by the Property Valuation Administrator shall then conduct an on-site inspection of the property for purposes of verifying improvements. Only after the project is complete and the improvements verified shall the moratorium certificate be issued by the Property Valuation Administrator.
(Ord. 2006-02, passed 2-13-06)