(a) The area designated as the Community Reinvestment Area constitutes an area in which housing facilities or structures of historical significance are located, and in which new construction or repair of existing facilities has been discouraged.
(b) Only residential, commercial and/or industrial properties consistent with the applicable zoning regulations within the designated Community Reinvestment Area will be eligible for exemptions under this program.
(c) For purposes of this chapter:
(1) Any structure used solely as a residence and which has one or more housing units shall be considered residential subject to the term length and percentages as set forth in Section 139.05
(a).
(2) Any structure used solely for a commercial or industrial purpose, or any structure that has a mixed use (i.e., combined residential and commercial/industrial use), shall be treated as a commercial project in its entirety subject to the term length and percentages as set forth in Section 139.05
(b).
(d) 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 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.
(e) The tax exemption granted to residential property under this chapter shall run with the property and thus shall be available to any successor owner(s) of the property during the period of exemption. Whether the tax exemption runs with commercial and industrial property shall be subject to the terms of the agreement described in Section 139.05
(b).
(Ord. 20-11. Passed 2-28-11.)