(A) The city does hereby defer any property tax increase for a period of five years that results from capital investments in properties within the Historic Overlay District (H?1) of the city.

(B) The Historic Overly District (H?1) shall be defined by the zoning ordinance for the city, §§ 152.290 through 152.298, and the zoning map of the city as approved this date and amendments as approved by this Council and future Councils.

(C) The five-year deferred period shall begin at the date the Stanford Zoning Enforcement Officer approves the property for occupancy.

(D) The capital investment shall be for both interior and exterior improvements to commercial buildings and/or exterior-only improvements to residential buildings.

(E) All exterior improvements, changes and renovations shall be approved by the Planning and Zoning Commission’s Architectural Review Board prior to the investment.

(F) The property tax amount and deferment tax amount shall be determined by the Lincoln County Property Valuation Administrator in his/her normal reassessment time frame and so noted on the annual city tax bill.
(Ord. 220.26, passed 6-22-98)
 

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