§ 5.14.030. Limitations on tax credit.

A.

The tax credit for the protection/restoration project will only be granted for preapproved and verified out of pocket costs. In the calculation of the out of pocket expenses, federal, state and private non-repayable grants cannot be considered. Out of pocket costs not pre-approved may be granted if shown to be necessary and they are verified in writing. Invoices or other written verification must identify the owner of the property as the ultimate purchaser.

B.

The tax credit is not transferable, including but not limited to, a purchaser of the land upon which the project was constructed.

C.

Projects which are required by state, federal, or local authorities do not qualify for the tax credit.

D.

All projects must be located within 150 horizontal feet from the mean high tide line or ordinary high water line of the rivers and streams listed in KPB 21.18.

E.

The tax credit only applies to that portion of the taxes levied by the borough and any applicable service area and the credit would be apportioned pro rata between them based on their respective mill rates. However, if a city within the borough adopts a tax credit ordinance identical to this ordinance and the city further requests that the borough administer the city's tax credit ordinance, then the borough will do so.

F.

The total tax credit available in any year is 50% of the taxes due on the land value for that year regardless of the number of projects on that property.

G.

Any exemption applicable to property for which the tax credit is sought shall first be deducted from the improvement value of the property and then from the land value remaining before determining the amount of the tax credit. No tax credit may be granted during a year on property for which no taxes are due for that year.

H.

Property that has been subdivided or transferred after construction of an eligible project will not be eligible for any portion of the tax credit in any year following the subdivision or transfer.

I.

Neither an owner's labor, or that of volunteers, qualifies as an allowable cost for calculating a tax credit under this ordinance.

J.

If an enforcement proceeding has been initiated on the property under KPB 21.25 the project will not be eligible for a tax credit until the enforcement notice has been resolved.

(Ord. No. 2011-37, § 1, 1-1-12; Ord. No. 2000-24, § 3, 8-1-00; Ord. No. 95-32, § 1(part), 1995)