Within Community Reinvestment Areas No. 3 and No. 4, tax exemptions for improvements to real property as described in Ohio R.C. 3735.67 shall be granted for the following periods:
(a) Ten years for the remodeling of every dwelling containing not more than two family units, upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500) as described in Ohio R.C. 3735.67(A).
(b) Twelve years for the remodeling of every dwelling containing more than two units and commercial or industrial property upon which the cost of remodeling is at least five thousand dollars ($5,000) as described in Ohio R.C. 3735.67(B).
(c) Fifteen years for the construction of every dwelling, commercial or industrial structure as described in Ohio R.C. 3735.67(C).
To administer and implement the provisions of this section, the duly appointed Housing Officer of Community Reinvestment Areas 1 and 2 shall also serve as Housing Officer for Community Reinvestment Areas Nos. 3 and 4.
(Res. R-16-90. Passed 4-9-90.)