(A)   A program is established in which properties located in the Central Business District (CBD) Zone as identified in Chapter 156 Section 108 and shown on the City Zoning Map as Zone C-3 may qualify for a five-year moratorium on reassessment of property value for the purpose of ad valorem taxes.
   (B)   The property reassessment moratorium program described herein shall be administered by the Tax Administrator with consultation from Pikeville Main Street Program. Inc.’s director or other executive officer (Main Street Director). The City Manager may, from time to time, reassign the duties to other departments, thus, references to Tax Administrator and Main Street Director can be read to also refer to any other departments or employees designated by the City Manager.
   (C)   Pursuant to KRS 99.595 through 99.605 and 132.452, the city grants a property assessment or reassessment moratorium deferring the value of improvements to the owner of any existing commercial facility which has been in existence for twenty-five (25) years or longer, who undertakes the repair, rehabilitation, restoration or stabilization of said building or facility, and who meets the other requirements of the program. The moratorium shall be in effect for five (5) years after the issuance of a moratorium certificate as described herein.
   (D)   Any owner seeking a property reassessment shall apply to the Tax Administrator office for a moratorium certificate within thirty (30) days before commencing repair, rehabilitation, restoration or stabilization on a form prescribed by the Revenue Cabinet. In addition, the applicant shall be required to provide any and all necessary information for administration of the program, including but not limited to, information required by statute. The Tax Administrator shall provide a copy of the application to the Main Street Director for review within five (5) business days.
   (E)   The Tax Administrator and the Main Street Director will make a joint determination as to whether an application meets the requirements of the ordinance. Properties which qualify for this program are those that meet the following requirements:
      (1)   Are located in the Central Business District;
      (2)   Are commercial or intended for commercial use;
      (3)   Are at least twenty-five years old;
      (4)   Have planned improvements to be made to them which would equal at least twenty percent (20%) of the value of the property as shown on the most recent assessment by the Property Valuation Office (PVA);
      (5)   The owner must agree to reserve the street level floor of the building for businesses such as restaurants, retail stores, or cultural or entertainment focused businesses (or maintain a commercial purpose that existed prior to January 1. 2019) during the period of the moratorium with the Main Street Director or City Manager making the determination as to whether proposed tenants meet the criteria;
      (6)   The owner must agree that use of the street level floor of the building for nonconforming business or entity will result in the revocation of the moratorium certificate.
   (F)   Within thirty (30) days after filing of the application and following the approval of the application, the Tax Administrator shall request that the Pike County PVA reassess the property, or if the PVA is unavailable, the Tax Administrator shall request that the City Manager arrange for reassessment of the property. Thereafter, the owner shall have two (2) years to complete the project during which normal reassessment shall occur. After completion of the project, the Tax Administrator shall issue a moratorium certificate which shall become effective on the assessment date next following the issuance and for a period of five (5) years thereafter. This certificate will fix the value of this property for the purposes of City of Pikeville taxation only. On the assessment date next following the expiration, cancellation or revocation of the moratorium certificate, the property shall be assessed on the basis of its full fair cash value as determined by the most current PVA assessment.
   (G)   Any property granted a reassessment moratorium may be eligible for a subsequent moratorium certification provided that reapplication be made no sooner than three (3) years following the expiration of the original moratorium, or any other moratorium and provided that such property shall otherwise meet the requirements for the reassessment moratorium .
   (H)   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.
   (I)   If an applicant desires to request a waiver from the floor area requirements found in § 156.108 and/or off-street parking and loading facility requirements found in § 156.130 for the purposes of providing residential space on upper level floors, this request must be included in the application.
(Ord. O-2019-06, passed 3-11-19)