(a) Commercial and Industrial Facilities. 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. The results of the negotiation as approved by Council will be set in writing in a Community Reinvestment Area Agreement as outlined in Ohio R.C. 3735.671. All structures containing three or more dwelling units will be considered "commercial" and will be required to following the stipulations for a commercial agreement.
(1) Up to 12 years for existing commercial and industrial facilities shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring.
(2) Up to 15 years for new commercial or industrial facilities shall be negotiated on a case-by-case basis in advance of construction occurring.
(b) Residential Property.
(1) For residential property, a 100 percent tax exemption on the increase in the assessed valuation resulting from 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 for the following periods:
A. Ten years, for the remodeling of dwellings containing not more than two housing units and upon which the cost of remodeling is at least five thousand dollars ($5,000.00), as described in Ohio R.C. 3735.67.
B. Five years, for new dwellings containing not more than two housing units.
(2) Residential applications must be filed with the Housing Officer no later than six months after construction completion; however, the owner of a dwelling constructed 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 section. 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 this section. No exemption may be claimed for any year in that period that precedes the year in which the application is filed.
(3) 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.
(4) 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. 21-03. Passed 4-28-03; Ord. 13-2006. Passed 8-14-06.)