(a) Within the Community Reinvestment Area, tax exemptions for improvements to real property as described in Ohio R.C. 3735.67 will be granted for the following periods:
(1) Ten years for the remodeling of every dwelling, not less than twenty-five years old at the time of remodeling, 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 years for the remodeling of every dwelling containing more than two units, not less than twenty-five years old at the time of remodeling, and commercial or industrial properties upon which the cost of remodeling is at least five thousand dollars ($5,000) as provided for in Ohio R.C. 3735.67(D)(2).
(3) Fifteen years for the construction of every or commercial or industrial structure as provided for in Ohio R.C. 3735.67(D)(3).
(b) The foregoing criteria shall not apply, and the criteria in effect under Resolution No. 57-80, as previously amended (the “Prior CRA Resolution”), shall apply, to any applications for tax exemptions under the Prior CRA Resolution currently pending with the housing officer.
(Res. 33-98. Passed 9-21-98; Res. 56-10. Passed 12-20-10.)