(a) Land owned by Seven Limers, Inc., formerly Seven Limers Coal & Fertilizer, Inc., also known as Seven Limers Coal & Fertilizers, Inc., as described in the attached copies of Huron County Deed Volume 346, page 430, and Deed Volume 354, page 997, and as shown on the attached tax map copy, all of which are attached hereto and incorporated herein for all purposes, shall constitute “Bellevue’s Community Reinvestment Area Number 5".
(b) Council finds that the area included within the foregoing description as “Community Reinvestment Area No. 5" is one in which housing facilities or structures of historical significance are located and new housing construction and repair of existing facilities or structures are discouraged.
(c) This section is established to offer, establish and promote certain development incentives, to provide for certain financial incentives for positive and insightful housing, industrial, business, and commercial development.
(d) The maintenance and construction of structures in such areas would serve to encourage economic stability, maintain real property values, and generate economic growth through new employment opportunities.
(e) The boundaries of “Community Reinvestment Area No. 5" are as found on the exhibits attached to Resolution 13-93 and made a part of this section for all purposes.
(f) Within “Community Reinvestment Area Number 5", tax exemptions for improvements to real property as described in Ohio R.C. 3735.67 will be granted for the following periods:
(1) Ten (10) 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 D(1).
(2) Twelve (12) 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 D(2).
(3) Fifteen (15) years for the construction of every dwelling, commercial or industrial structure as described in Ohio R.C. 3735.67 D(3).
(g) To administer and implement the provisions of this section, the duly appointed Housing Officer of the City of Bellevue’s other Community Reinvestment Areas shall also serve as Housing Officer for the City of Bellevue “Community Reinvestment Areas Numbers 5".
(Res. 13-93. Passed 7-26-93.)