(A) (1) There is hereby established a program for the granting of property assessment or reassessment moratoriums for qualifying units of real property located in the Historic Overlay district of the downtown area (“target area”). The “TARGET AREA” is defined below:
An area of land to be designated as a City of Murray Historic Overlay district generally bounded by Olive Street to the north, Elm Street to the south, the west right-of-way of the KWT Railroad to the east, and South 7th Street to the west in Calloway County, Kentucky.
Beginning at a point at the intersection of the centerline of Olive Street and centerline of South 7th Street.
Thence in an easterly direction along the centerline of Olive Street approximately 1,886 feet to the east right-of-way line of L.P. Miller Street.
Thence in a southerly direction along the east right-of-way of L.P. Miller Street approximately 39 feet to a point on a common line of Briggs and Stratton and Kenlake Foods as shown on P.B. 6, Pg. 9 as recorded in the Calloway County Clerk’s office.
Thence S 89°03'45" E along the Briggs and Stratton north property line and the south property line of the Kenlake Foods property approximately 232.34 feet to a point;
Thence N 00°56'15" E along the Briggs and Stratton north property line and the south property line of Kenlake Foods, approximately 135.00 feet to a point;
Thence S. 89°03'45" E along the Briggs and Stratton north property line and the south property line of Kenlake Foods, approximately 370.04 feet to a point on the west right-of-way of the KWT Railroad (100' right-of-way);
Thence in a southerly direction along the west right-of-way of the KWT Railroad approximately 1,158 feet to a point on the north right-of- way of Maple Street;
Thence in a westerly direction along the north right-of-way of Maple Street and following the west right-of-way of the KWT Railroad (200' right-of-way) approximately 50 feet to a point;
Thence in a southerly direction along the west right-of-way of the KWT Railroad, crossing Poplar Street, approximately 717 feet to a point at the southeast property corner of the Ellis Popcorn Company property as shown on a Boundary Survey by Ted F. Billington for Rabon Harper (Weaver Popcorn) dated March 19, 1977 (not recorded);
Thence S 89°59'40" W along the south property line of the Ellis Popcorn Company property approximately 200 feet to a point;
Thence continuing in a westerly direction along the south property line of the Ellis Popcorn Company approximately 134 feet to a point on the east property line of the Com Stor Inc. property (D.B. 180, Cd. 213);
Thence S 03°32'43" W along the east property line of the Com Stor, Inc. property approximately 62.03 feet to a point as shown on a Plat of Survey by V.L. Associates dated March 15, 1985, recorded in P.B. 9, Cd. 66; Sl. 771;
Thence N 88 W°28'20" W along the south property line of the Com Stor, Inc. property approximately 203.19 feet to a point on the east right-of-way of L.P. Miller Street;
Thence in a southerly direction along the east right-of-way of L.P. Miller Street approximately 22 feet to a point;
Thence in a westerly direction along the centerline of Elm Street approximately 1,819 feet to a point at the intersection of the centerline of Elm Street and the centerline of South 7th Street;
Thence in a northerly direction along the centerline of South 7th Street approximately 1,873 feet to a point at the intersection of the centerline of South 7th Street and the centerline of Olive Street, also being the Point of Beginning.
(2) To be eligible, an existing residential building must have been in existence for at least 25 years in the Target Area and must be used to provide independent living facilities for one person or more persons.
(3) To be eligible, a commercial facility must have been in existence for at least 25 years in the Target Area and must have as its primary purpose and use the operation of a commercial business enterprise.
(4) To be eligible, the costs of improvements to the commercial facility or the existing residential building, including materials and labor must exceed $25,000.
(5) To be eligible, the rehabilitation portion of the commercial facility or the existing residential building must comply with all applicable building codes.
(6) To be eligible, all required permits (i.e., zoning, building, etc.) must have been obtained, the real property upon which the commercial facility or the existing residential building sits must be free of any liens held by the city, and all property taxes and any and all assessed, levied, imposed upon, or would become due and payable out of or with respect to the real property upon which the commercial facility or the existing residential building sits must be paid, including without limitation business license fees.
(B) The administering agency for this moratorium program shall be the City Planning Department.
(C) All moratoriums shall be for a period of five years, and each 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 City Planning Department.
(2) The application shall be filed with the City Planning Department 30 days before commencing the restoration, repair, rehabilitation, or stabilization.
(3) The application shall contain the following:
(a) A general description of the property;
(b) A general description of the proposed use of the property;
(c) The general nature and extent of restoration, repair, rehabilitation or stabilization to be undertaken and cost estimates based on bids submitted to the applicant;
(d) A time schedule for undertaking and completing the project;
(e) If the property is a commercial facility, the application shall contain a descriptive list of the permanent 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.
(f) Proof that the commercial facility or the existing residential building is at least 25 years old.
(E) The Property Valuation Administrator and the City Planning Department shall maintain a record of all applications for a property assessment or reassessment moratorium. The PVA shall assess or reassess the property within 30 days of receipt of the application. This assessment shall be the value for which the city taxes are to be levied for five years after the moratorium certificate has been issued.
(F) The applicant shall have two years in which to complete the improvements unless granted an extension in writing by the administering agency, being the City Planning Department. In no case shall the application be extended beyond two additional years. This provision shall not preclude normal reassessment of the property.
(G) Any application not acted upon by the applicant shall become void two years from the date of application and shall be purged from the files of the PVA and the City Planning Department.
(H) The applicant shall notify the City Planning Department when the project is complete, and the City Planning Department shall then conduct an on-site inspection of the property for purposes of verifying that the improvements described in the application have been completed. Only after the project is complete and the improvements verified shall the moratorium certificate be issued by the City Planning Department.
(I) 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.
(J) At the end of the moratorium period, whether by expiration, cancellation or revocation, the City Planning Department shall send the applicant and the PVA a letter advising of the end of the moratorium and reassessment of the property. 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 fair full cash value.
(K) Any property granted an assessment or reassessment moratorium may be eligible for a subsequent moratorium provided that reapplication be made no sooner than three years following the expiration of the original moratorium.
(L) Definitions for interpreting this section shall be those outlined in KRS Chapter 99 relating to property assessment and reassessment moratoriums.
(Ord. 2016-1695, passed 4-14-16)