Within Community Reinvestment Area No. 1, tax exemptions for improvements to real property, as described in Ohio R.C. 3735.67, will be granted for the following periods:
(a) Three years for the remodeling of every dwelling 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(A);
(b) Five years for the remodeling of every dwelling containing more than two family units upon which the cost of remodeling is at least five thousand dollars ($5,000) as described in Ohio R.C. 3735.67(B);
(c) Twelve years for the remodeling of commercial or industrial properties upon which the cost of remodeling is at least five thousand dollars ($5,000) as described in Ohio R.C. 3735.67(B);
(d) Eight years for the construction of every dwelling as described in Ohio R.C. 3735.67(C); and
(e) Fifteen years for the construction of every commercial or industrial structure as described in Ohio R.C. 3735.67(C).
(Ord. 1262. Passed 11-8-93.)