(a) Land as shown and described in the exhibit attached to Resolution 3-98 and incorporated herein for all purposes, located in Sandusky County, Ohio, shall constitute “Bellevue’s Community Reinvestment Area Number 9". Said area consists of 11.7414 acres of land, more or less, known as being Outlot Number 120, in the City of Bellevue, Sandusky County, Ohio, being Permanent Parcel Number 03-60-00-0120-00, owned by KF Ventures, Ltd., located on the south side of U.S. Route 20 West, and as shown on the plat attached to Ordinance 65-97 and incorporated herein as Exhibit “A”, and as legally described as set forth in the same referenced Exhibit “A”, and which was zoned by Ordinance No. 2-98. Said premises are contiguous to the Community Reinvestment Zone 6-B, as established by Resolution R-7-94.
(b) Council finds that the area included within the foregoing description as “Community Reinvestment Area Number 9" 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 9" areas are as found on the exhibit attached to Resolution 3-98 and made a part of this section for all purposes.
(f) Within “Community Reinvestment Area Number 9", 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 Area Number 9".
(Res. 3-98. Passed 3-9-98.)