(A) Within the CRA 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 the City Council will be set in writing in a CRA Agreement as outlined in R.C. § 3735.671. Up to 100% for up to 12 years shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(B) If remodeling qualified for an exemption, during the period of the exemption, 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 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. 8434, passed 7-20-2015)