Within the Community Reinvestment Area, new construction and the renovation of commercial office structures and industrial facilities and the renovation of existing qualified multi-family housing facilities are hereby declared to be public purposes and exempt from real property taxation as provided herein and, in accordance with the procedures and requirements of Ohio R.C. 3735.67, the exemption periods shall be as follows:
(A) Not more than 15 years for new construction of commercial office facilities;
(B) Not more than 12 years for renovation or remodeling of commercial office facilities;
(C) Not more than 15 years for new construction of industrial facilities;
(D) Not more than 12 years for renovation or remodeling of industrial facilities; and
(E) Twelve years for the remodeling and renovation of qualified multi-family housing facilities; with those periods for commercial office and industrial property to be negotiated and determined on a case-by-case basis in advance of commencement of construction, all in accordance with Schedule 1 following the text of this chapter, and Ohio R.C. 3735.67, and shall be set forth in writing in a Community Reinvestment Area agreement (a “CRA Agreement”) pursuant to and in accordance with Ohio R.C. 3735.671, each of which CRA Agreements shall be approved by Council.
(Ord. 131-96, passed 10-21-1996)