(A) Within the Area, the percentage of any tax exemptions on the increase in the assessed valuation resulting from improvements to residential, commercial or industrial real property and the terms of those exemptions shall be negotiated in advance of construction or remodeling occurring and shall be anywhere from 0% to 100%, all in accordance with R.C. § 3735.67. The results of the negotiation of any exemption authorized by this subchapter shall be set forth in writing in a Community Reinvestment Area Agreement (an “Agreement”) pursuant to and in accordance with R.C. § 3735.671, which agreement shall be approved by this Council.
(B) The period of exemption, which should be negotiated and approved as required by R.C. § 3735.671, shall:
(1) Not exceed 12 years for existing commercial or industrial facilities, negotiated on a project-by-project basis in advance of remodeling occurring; and
(2) Not exceed 15 years for new residential, commercial or industrial facilities, negotiated on a project-by-project basis in advance of construction occurring.
(C) If remodeling qualifies for an exemption, during the period of the exemption, the applicable percentage of the increase in assessed 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 applicable percentage of the assessed value of the structure shall be exempted from real property taxation.
(D) The Municipal Administrator [or Housing Officer] is hereby authorized to give any and all notices on behalf of this Council that may be required by R.C. §§ 3735.671, 3735.673 and 5709.83 in connection with the consideration, approval or entering into of any agreements under R.C. 3735.671.
(Res. 3779, passed 11-16-2020)