(A) The area designated as the Elmwood Place Community Reinvestment Area constitutes an area in which housing facilities or structures of historical significance are located, and in which new construction or repair of existing facilities has been discouraged.
(B) Pursuant to R.C. § 3735.66, Elmwood Place Community Reinvestment Area is hereby established in the following described area:
(1) The entire Village of Elmwood Place, as indicated in the map (Exhibit B) attached to Ordinance No. 11-07, which is hereby adopted by reference as if set out in full herein.
(2) The Community Reinvestment Area is approximately depicted as the highlighted area on the map marked Exhibit B, attached to Ordinance No. 11-07, which is hereby adopted by reference as if set out in full herein.
(3) Only commercial and/or industrial properties consistent with the applicable zoning regulations within the designated Community Reinvestment Area will be eligible for exemptions under this program.
(C) All commercial properties identified in Exhibit B as being within the designated Community Reinvestment Area are eligible for this incentive. This proposal is a public/private partnership intended to promote and expand conforming uses in the designated area.
(D) (1) 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 R.C. § 3735.67. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement as outlined in R.C. § 3735.671. Each commercial Community Reinvestment Agreement shall also include a compensation agreement between the Village of Elmwood Place, the St. Bernard Elmwood Place School District, and the applicant business and/or property owner.
(2) For residential property, a tax exemption on the increase in the assessed valuation resulting from improvements as described in 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. Residential applications must be filed with the Housing Officer no later than six months after construction completion.
(a) One hundred percent for five years, for the remodeling of residential dwellings containing not more than two housing units and upon which the cost of remodeling is at least $2,500, as described in R.C. § 3735.67.
(b) One hundred percent for five years, for new residential dwellings containing not more than two housing units, as described in R.C. § 3735.67.
(c) Existing commercial and industrial facilities shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring (up to a 12-year term).
(d) New commercial or industrial facilities shall be negotiated on a case-by-case basis in advance of construction occurring (up to a 15-year term).
(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. 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.
(E) All commercial and industrial projects are required to comply with the state application fee requirements of R.C. § 3735.672(C) and the local annual monitoring fee, which shall be decided by the Council on a case-by-case basis.
(F) To administer and implement the provisions of this section, the Chairperson of the Village Planning Commission is designated as the Housing Officer as described in R.C. §§ 3735.65 through 3735.70.
(G) (1) A Community Reinvestment Area Housing Council shall be created, consisting of two members appointed by the Mayor, two members appointed by the Council of the village and one member appointed by the Planning Commission. The majority of the members shall then appoint two additional members who shall be residents within the area. Terms of the members of the Council shall be for three years. An unexpired term resulting from a vacancy in the Council shall be filled in the same manner as the initial appointment was made.
(2) A Tax Incentive Review Council shall be established pursuant to R.C. § 5709.85 and shall consist of three representatives appointed by the Board of County Commissioners, two representatives of the municipal corporation, appointed by the Municipal CEO with Council concurrence, the County Auditor or designee and a representative of each affected Board of Education. At least two members must be residents of the Village of Elmwood Place. The Tax Incentive Review Council shall review annually the compliance of all agreements involving the granting of exemptions for commercial or industrial real property improvements under R.C. § 3735.671 and make written recommendations to the Council as to continuing, modifying or terminating the agreement based upon the performance of the agreement.
(H) The Council reserves the right to re-evaluate the designation of the Elmwood Place Community Reinvestment Area, at which time the Council may direct the Housing Officer not to accept any new applications for exemptions as described in R.C. § 3735.67.
(I) The Community Reinvestment Area Council shall make an annual inspection of the properties within the district for which an exemption has been granted under R.C. § 3735.67. The Council shall also hear appeals under R.C. § 3735.70.
(J) The Mayor of the Village of Elmwood Place is hereby directed and authorized to petition the Director of Development to confirm the findings contained within this resolution.
(Ord. 11-07, passed 9-11-2007)