(A) There is hereby established a program for the granting of property assessment or reassessment moratorium for the rehabilitation of residential single-family units of real property located in the area of Midway, where property is being rehabilitated partially with state and federal funds. This shall include but not be limited to the Midway Scattered-Site Housing Rehabilitation Project funded by the Kentucky Department for Local Government from Community Development Block Grant funds and The Kentucky Housing Corporation's HOME funds.
(B) (1) To be eligible, the cost of rehabilitation, including materials and labor, must equal or exceed $20,000.
(2) REHABILITATION is defined as the process of returning an existing structure to a state of utility through repair, rebuild or alteration, which makes possible an efficient contemporary use.
(C) This moratorium program shall be administered by the Mayor of Midway.
(D) All moratoriums shall be for a period of 5 years, and each shall become effective on the assessment date next following the issuance of the moratorium certificate.
(E) 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 Mayor.
(2) The application shall be filed with the Mayor 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; and
(d) A time schedule for undertaking and completing the project.
(F) The Property Valuation Administrator and the Mayor 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 30 days of receipt of the application. This assessment shall be the value for which taxes are not to be raised for 5 years.
(G) The applicant shall have 2 years in which to complete the improvements.
(H) Any application not acted upon by the applicant shall become void after 2 years from the date of application and shall be purged from the files of the Property Valuation Administrator and the Mayor.
(I) On the assessment date next following the expiration, cancellation or revocation of an assessment or reassessment moratorium, property shall be assessed based on its full fair cash value.
(J) The applicant shall notify the Property Valuation Administrator and the Mayor when the project is complete, and 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.
(K) Definitions for interpreting this section shall be as set out in KRS Chapter 99 relating to property assessment and reassessment moratoriums.
(Ord. 2000-003, passed 5-15-2000; Am. Ord. 2002-006, passed 5-16-2002)