(A) Within the Community Reinvest Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from the improvement to commercial 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. § 3765.67. The result 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.
(1) A period of exemption up to 12 years for existing commercial facilities may be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(2) A period of exemption up to 15 years for new commercial facilities may be negotiated on a case-by-case basis in advance of construction occurring.
(B) 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 the 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. 05-13, passed 5-17-05)