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. For residential property, 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 application by the property owner and certification thereof by the designated Housing Officer for the following periods.
(a) Residential Investment.
(1) Ten (10) years for the remodeling of dwellings containing not more than two housing units and upon which the cost of remodeling is at least $2500.00, as described in Ohio R.C. 3735.67. The percentage of exemption shall be limited to fifty percent (50%).
(2) Ten (10) years for new construction of a residential dwelling containing not more than two (2) housing unit (used for residential purposes); the percentage of exemption shall be limited to fifty percent (50%).
(b) Commercial/Industrial Remodel Investment. Not to exceed twelve (12) years and up to 100% for remodeling of every existing dwelling containing more than two (2) family units (constructed herein as commercial dwellings) and commercial and industrial properties, located within the same Community Reinvestment Area and upon which the cost of remodeling is at least five thousand dollars ($5,000.00). The term and percentages shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(c) Commercial/Industrial New Build. Not to exceed fifteen (15) years and up to 100% for new construction of every existing dwelling containing more than two (2) family units (constructed herein as commercial dwellings) and commercial and industrial properties, located within the same Community Reinvestment Area. The term and percentages shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(1) For the purposes of the above described Community Reinvestment Area, structures exclusively used for residential purposes and composed of two (2) units or less shall be classified as residential structures.
(2) 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.
(Ord. 2015-30. Passed 8-17-15.)