(a) 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 the Ohio R.C. 3765.67. 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. A tax exemption on 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 Office for the following periods:
(1) Five (5) years for the remodeling of every residential dwelling unit containing not more than two family units and upon which the cost of remodeling is at least $5,000.00, as described in Ohio R.C. 3735.67, and with such exemption being fifty percent (50%) for each of the five (5) years.
(2) Five (5) years for new residential construction consisting of not more than two (2) family units, as described in Ohio R.C. 3735.67, and with such exemption being forty percent (40%) for each of the five (5) years.
(3) Five (5) years for the remodeling of every residential dwelling unit containing more than two family units upon which the cost of remodeling is at least $10,000.00, as described in Ohio R.C. 3735.67, and with such exemption being fifty percent (50%) for each of the five (5) years.
(4) Five years for new residential construction consisting of more than two (2) family units, as described in Ohio R.C. 3735.67, and with such exemption being forty percent (40%) for each of the five (5) years.
(5) Up to twelve (12) years and up to one hundred percent (100%) for existing commercial and industrial facilities, the term and percentage of which shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(6) Up to fifteen (15) years and up to one hundred percent (100%) for new commercial or industrial facilities, the term and percentage of which shall be negotiated on a case-by-case basis in advance of construction occurring.
(7) Mixed use facilities, (i.e., combined residential and commercial use), shall be treated as a commercial project in its entirety subject to the term length and percentages as set forth in subsections (a)(5) and (6).
(b) The owner of a dwelling constructed or improved in a community reinvestment area may file an application for an exemption after the year the construction first became subject to taxation. The application shall be processed in accordance with the procedures prescribed under this section and shall be granted if the construction that is the subject of the application otherwise meets the requirements for an exemption under this Chapter. If approved, the exemption sought in the application first applies in the year the application is filed. An exemption approved pursuant to this division continues only for those years remaining in the period described in subsections (a)(1) to (4) hereof. No exemption may be claimed for any year in that period that precedes the year in which the application is filed. 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, 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 during the period of the exemption.
(Ord. 91-19. Passed 11-12-19.)