(A) Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property and the term of those exemptions shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in R.C. § 3735.67. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement as outlined in R.C. § 3735.671. For residential property, a tax exemption on the increase in the assessed valuation resulting from the improvements as described in R.C. § 3735.67 shall be granted upon application by the property owner and certification thereof by the designated Housing Officer for the following periods:
(1) Ten years, for the remodeling of every residential dwelling unit containing not more than two housing units and upon which the cost of remodeling is at least $2,500, as described in R.C. § 3735.67, and with the exemption being 100% for each of the ten years;
(2) Ten years, for the remodeling of every residential dwelling unit containing more than two housing units and upon which the cost of remodeling is at least $5,000, as described in R.C. § 3735.67, and with the exemption being 100% for each of the ten years;
(3) Fifteen years, for the construction of dwellings containing not more than two housing units, as described in R.C. § 3735.67, with the exemption being 100% for each of the 15 years;
(4) Up to and including ten years, and up to and including 100% for the remodeling of existing commercial and industrial facilities and upon which the cost of remodeling is at least $5,000, as described in R.C. § 3735.67, the term and percentage of which shall be negotiated on a case-by-case basis in advance of remodeling occurring; and
(5) Up to and including 15 years, and up to and including 100% for the construction of new commercial or industrial facilities, the term and percentage of which shall be negotiated on a case-by-case basis in advance of construction occurring.
(B) For the purposes of the above-described Community Reinvestment Area, structures exclusively used for residential purposes and composed of four and fewer units shall be classified as residential structures.
(C) If remodeling qualifies for an exemption, during the period of the exemption, the exempted percentage of the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption, the exempted percentage of the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
(Ord. 09-33, passed 7-6-2009)