(a) For purposes of fulfilling the requirements set forth in Ohio R.C. 3735.65 through 3735.70, as amended by the provisions of S.B. 19 (1994), Community Reinvestment Area No. 2 is hereby established, with boundaries as follows: Being all lands in the City west of Union Boulevard and south of Wenger Road, annexed after 1983.
(b) Within Community Reinvestment Area No. 2, tax exemption for improvements to real property, as described in Ohio R.C. 3735.67, will be granted for fifteen years for the construction of commercial and industrial structures, as described in Ohio R.C. 3735.67(C), upon application of the property owners.
(c) This section shall be administered and implemented by the City Manager, acting as Housing Officer, as described in Ohio R.C. 3735.65 and 3735.66, and acting as chief administrative officer for the City otherwise.
(d) Copies of this section shall be forwarded for information and reference to the Montgomery County Auditor by the Clerk of Council.
(e) Development projects heretofore recognized as having been started and as likely to be completed before July 1, 1998, as enumerated in Section VI of Resolution 28-94, passed December 27, 1994, shall be carried forward as eligible for treatment under Community Reinvestment Area enabling legislation in effect prior to July, 1994.
(f) Council reserves the right to re-evaluate the designation of Community Reinvestment Area No. 2 after December 31, 2002, at which time the Council may direct the City Manager not to accept any new applications for exemptions as described herein and as limited by the Ohio Revised Code.
(Res. 62-94. Passed 12-27-94.)