(A)   There is hereby established a program for the granting of property assessment or reassessment moratoriums for qualifying units of real property located in the C-4 Commercial district to the city as more particularly identified in the Zoning Administrator’s office. For a commercial building in the district to qualify, it must be twenty-five (25) years old or older and must have as its primary purpose and use the operation of a commercial business enterprise.
   (B)   The administering agency for this moratorium shall be the zoning administrator for the city.
   (C)   All moratoriums shall be for a period of five (5) years, and shall become effective on the assessment date next following the issuance of the moratorium certificate.
   (D)   Applications shall be made to the administering agency 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 administering agency.
      (2)   The application shall be filed with the administering agency 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 restoration, repair, rehabilitation or stabilization to be undertaken. The costs of the improvements made to repair, rehabilitate, restore or stabilize the structure shall equal at least twenty-five percent (25%) of the value of the property based upon the most recent assessment of the Property Valuation Administrator.
         (d)   A time schedule for undertaking and completing the project.
         (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.
   (E)   In addition, the applicant shall file a project completion report with the administering agency which shall contain, but not be limited to, a description of improvements, costs incurred and other data that might be required by the agency.
   (F)   The property valuation administrator and the administering agency shall maintain a record of all applications for a property assessment or reassessment moratorium. The PVA shall assess or reassess the property within thirty (30) days of receipt of the application. This assessment shall be the assessed value upon which taxes are based and the assessment shall not be raised for five (5) years.
   (G)   The applicant shall have twenty-four (24) months in which to complete the improvements unless granted an extension by the administering agency. In no case shall the application be extended beyond an additional twenty-four (24) months. This provision shall not preclude normal reassessment of the property.
   (H)   Any application not acted upon by the applicant shall become void two (2) years from the date of application and shall be purged from the files of the property valuation administrator and the administering agency.
   (I)   On the assessment date next following the expiration, cancellation or revocation of an assessment or reassessment moratorium, the property shall be assessed on the basis of its full fair cash value.
   (J)   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. Only after the project is complete and the improvements verified shall the moratorium certificate be issued by the administering agency.
   (K)   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 provided that such certificate has not expired.
   (L)   Any property granted an assessment or reassessment moratorium may be eligible for subsequent moratorium certification provided that reapplication be made no sooner than three (3) years following that expiration of the original moratorium.
   (M)   Definitions for interpreting this chapter shall be those outlined in KRS Chapter 99 relating to property assessment and reassessment moratoriums.
(Ord. 94-11, passed 5-2-94; Am. Ord. 2012-05, passed 7-2-12)