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Monmouth owners warn designation may raise assessments and worsen vacancies; staff notes incentives
Summary
Several property owners said they fear historic designation will increase property assessments, insurance and carrying costs and could aggravate existing vacancies; staff responded that incentives (tax credits and a commercial façade grant) can help and encouraged owners to discuss proposed projects with staff early.
Gary Peluso, who owns property and operates a business on Monmouth Street, told the meeting he had seen assessments and insurance increase in other districts after designation and warned higher carrying costs could make it harder to fill vacant commercial properties.
"A STARS assessment start to creep up...When assessment goes up, we pay more taxes," Peluso said, and urged caution before moving forward with an overlay. Several other speakers raised similar worries about the costs of compliance.
Jennifer Williams acknowledged the cost concerns and pointed to incentives: rehabilitation tax credits administered by the Kentucky Heritage Council and a recently started commercial façade grant program. She urged property owners to consult staff early, and said the guidelines aim to allow flexibility such as approved substitute materials where appropriate.
