(a) Residential Property. Within the Community Reinvestment Area, for residential property the increase in the assessed valuation resulting from the improvements as described in Ohio R.C. 3735.67 shall be granted upon proper application by the property owner and certification thereof by the designated Housing Officer as indicated below. All residential projects must be attached to the primary dwelling in order to qualify for the exemption. Residential remodeling applications must be accompanied by expense receipts no more than one (1) year old that meet the cost requirement specified in this section. Residential applications on new construction projects must be filed with the Housing Officer no later than six (6) months after receiving an occupancy permit.
(1) Residential with two or fewer housing units.
A. With regard to remodeling, the cost of which is at least $2,500.00, 50% of the increased value will be exempted from taxation for 10 years.
B. With regard to new construction, the cost of which is at least $2,500.00, 50% of the increased value will be exempted from taxation for 15 years.
(2) Residential with more two housing units.
A. With regard to remodeling, the cost of which is at least $5,000.00, 50% of the increased value will be exempted from taxation for 12 years.
B. With regard to new construction, the cost of which is at least $5,000.00, 50% of the increased value will be exempted from taxation for 15 years.
(Ord. 20-11. Passed 2-28-11.)
(Ord. 20-11. Passed 2-28-11.)
(b) Commercial Property. Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial 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 Ohio R.C. 3765.67 but in no case shall the tax exemption exceed 75%. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement as outlined in Ohio R.C. 3735.671. The length and amount of the exemption shall be negotiated in advance of construction or remodeling. The length of the exemption shall be up to 15 years for new and existing commercial and industrial facilities.
(Ord. 16-14. Passed 2-26-14.)
(Ord. 16-14. Passed 2-26-14.)
(c) Fees. All commercial and industrial projects are required to comply with the state application fee requirements of Ohio R.C. 3735.672(C) and the local annual monitoring fee of one percent of the amount of taxes exempted under the agreement - a minimum of $500.00 up to a maximum of $2,500.00 annually unless waived.
(Ord. 20-11. Passed 2-28-11.)