(a) Land as shown and described in the exhibit attached to Resolution 18-95 and incorporated herein for all purposes, located in Sandusky County, Ohio, shall constitute “Bellevue’s Community Reinvestment Area Number 8". Said area is more particularly described as being that property being bounded on the north by the Norfolk Southern railroad tracks, on the east by Arion Street, on the south by Gardner Street on the west by the corporate limits of the City of Bellevue, as designated on the attached Exhibit.
(b) Council finds that the area included within the foregoing description as “Community Reinvestment Area Number 8" 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 Number 8" are as found on the exhibit attached to Resolution 18-95 and made a part of this section for all purposes.
(f) Within “Community Reinvestment Area Number 8", 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 Number 8".
(Res. 18-95. Passed 12-11-95.)