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<br />foundation, roof, outer walls, and fences, and/or expenditures for <br />improvements to the property which would require the issuance of a <br />Certificate of Appropriateness under the City's Historic Preservation <br />Ordinance, shall be eligible to qualify for tax exemption. Expenditures <br />on the interior of a structure shall not be used in determining whether a <br />property has qualified for tax exemption. <br /> <br />4. Tax exemption will be considered for eligible projects resulting in an <br />expenditure for new, historically compatible construction on the property <br />in an amount of not less than one hundred thousand dollars ($100,000) <br />for property zoned or used for residential purposes, and not less than two <br />hundred thousand dollars ($200,000) for property zoned or used forretail, <br />office, commercial, or central area district purposes. Only expenditures <br />for the cost of constructing new, historically compatible structures, which <br />would require the issuance of a Certificate of Appropriateness under the <br />City's Historic Preservation Ordinance, shall be eligible to qualify for tax <br />exemption. <br /> <br />5. To be eligible for such an exemption, no property taxes may be owed on <br />the property itself, and the property owner must be current in the payment <br />of all property taxes for property owned and located within the City of <br />Paris at the time of application and throughout the term of the exemption. <br /> <br />6. All construction must be performed in full compliance with all applicable <br />city codes. <br /> <br />( e) Grant of tax exemption discretionary - The grant of any tax exemption shall be <br />at the sole discretion of the City Council of the City of Paris, and the creation of this <br />policy providing for such tax exemption shall not in any way be construed to imply <br />that any applicant for tax exemption under this Article IV has the right or entitlement <br />to any such tax exemption. In exercising such discretion, the City Council may by <br />future policy, amendments or otherwise determine those tax exemptions which best <br />serve the needs of the City of Paris for preservation of historical structures or for the <br />construction of new, historically compatible structures relative to the tax revenue lost <br />as the result of such exemption." <br /> <br />Section 3. That Article IV to Chapter 30 of the Code of Ordinances of the City of Paris, at <br />paragraphs (c) and (d) of Section 30-51, is hereby amended to refer to new historically compatible <br />construction, said amended paragraphs to read as follows: <br /> <br />-4- <br />