(A) A program is established in which these properties in the Historic Main Street District may qualify for a five-year moratorium on reassessment of property value for the purpose of ad valorem taxes.
(B) Properties which qualify for this program are those in the target areas which, if commercial, are at least 25 years old and have improvements made to them which equal at least 25% of the value of the property as shown on the most recent assessment by the Property Valuation Office, and, if residential, are at least 25 years old, provide independent living facilities for at least one family and have improvements made to them which equal to 10% of the value of the property as shown on the most recent assessment by the Property Valuation Office.
(C) The agency which shall administer this program is the Main Street Program or another entity which the City Council may designate from time to time.
(D) The moratorium on reassessment shall be for the term of five years. Application for the moratorium shall be made no more than 30 days prior to the commencement of the improvement. Applications shall be submitted to the City Clerk’s office with copies to Main Street Pineville. Value of the improvements shall be fully documented by the applicant. The applicant shall have no more than two years to complete the project.
(E) There shall be no fee for applications for reassessment moratorium.
(Ord. passed 10-12-2015)