(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. 3 is hereby established, with boundaries as follows: Including tracts of land lying west of Union Boulevard and south of Centennial Park (aka Englewood Municipal Park), being all or part of parcels M57-3-8-2 and M57-3-8-4, as designated by the tax map records of Montgomery County, Ohio, provided that said land has conforming structures thereon and is zoned either C-4 or has an industrial zoning classification, and also including tracts of land east of Union Boulevard, being all or part of parcels M57-3-8-5, M57-3-8-6, M57-3-8-1, M57-7-11-21 and M57-7-1120, as designated by the tax map records of Montgomery County, Ohio, provided that said land has conforming structures thereon and is zoned either C-4 or has an industrial zoning classification.
(b) Within Community Reinvestment Area No. 3, tax exemptions for improvements to real property, as described in Ohio R.C. 3735.67, will be granted for the following periods upon application of the property owners:
(1) Ten years for the remodeling of every qualifying dwelling containing not more than two family units, the cost of which remodeling is at least two thousand, five hundred dollars ($2,500), as described in Ohio R.C. 3735.67(A).
(2) Twelve years for the remodeling of every qualifying dwelling containing more than two units, the cost of which remodeling is at least five thousand dollars ($5,000), as described in Ohio R.C. 3735.67(B).
(3) For commercial and industrial structures judged to be contributing to the highest public interests of the City, as defined by adopted guidelines, tax exemption shall be as per said guidelines.
(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 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 by 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. 3 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.)