894.01   COMMUNITY REINVESTMENT AREA NO. 1.
   (a)   Council hereby finds and determines that the area designated herein as Community Reinvestment Area No. 1 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 Ohio R.C. 3735.66, Community Reinvestment Area No. 1 is hereby established and designated as a Community Reinvestment Area meeting the requirements of Ohio R.C. 3735.65 through 3735.70, and said Community Reinvestment Area No. 1 is hereby established and designated in the area described and depicted in Exhibit A, attached to original Ordinance 1995-130, passed August 14, 1995.
   Only residential properties, the renovation and remodeling of which is permitted under the applicable zoning regulations within the area will be eligible to apply for exemptions under this chapter.
   All residential properties located within Community Reinvestment Area No. 1 and carrying out renovation and remodeling improvements are eligible for this incentive. This designation of the area as a Community Reinvestment Area is a public/private partnership intended to promote the renovation and remodeling of existing residential structures in the area.
   (c)   Within Community Reinvestment Area No. 1, remodeling of residential structures is hereby declared to be a public purpose and exempt from real property taxation, and, in accordance with the procedures and requirements of Ohio R.C. 3735.67, Council further hereby finds and determines as follows:
      (1)   For residential property within Community Reinvestment Area No. 1, a real property tax exemption is hereby authorized on 100 percent of the increase in the assessed valuation resulting from the remodeling improvements as described in Ohio R.C. 3735.67 and shall be granted upon proper application by the property owner and certification thereof by the Housing Officer. Such exemption shall be for the time period provided in paragraph (c)(2) hereof. The application for a real property tax exemption must be filed with the Housing Officer within six months after completion of construction, unless such time period is extended in writing by the Housing Officer.
      (2)   For the remodeling of dwellings containing more than two units and located within Community Reinvestment Area No. 1, upon which the cost of remodeling is at least five thousand dollars ($5,000), as described in Ohio R.C. 3735.67, the period of real property tax exemption shall be twelve years.
   If the remodeling qualifies for a real property tax exemption, then during the period of the tax exemption, the dollar amount by which the remodeling increased the assessed value of each structure shall be exempted from real property taxation.
   (d)   To administer and implement the provisions of this chapter, the City's Building Commissioner/Zoning Inspector is designated as the Housing Officer, as described in Ohio R.C. 3735.65 through 3735.70. The Housing Officer is authorized and directed to take such actions as are necessary to carry out the requirements of Ohio R.C. 3735.65 through 3735.70 and this section.
   (e)   A Community Reinvestment Area Housing Council shall be established, consisting of two members appointed by the Mayor of the City, two members appointed by this Council and one member appointed by the City Planning Commission, which appointments are hereby authorized to be made. A majority of those members shall then appoint two additional members who shall be residents of the City. Terms of the members of the Housing Council shall be for three years. An unexpired term resulting from a vacancy in the Housing Council shall be filled in the same manner as the initial appointment was made.
   (f)   The Community Reinvestment Area Housing Council shall make an annual inspection of the properties within Community Reinvestment Area No. 1 for which an exemption has been granted under Ohio R.C. 3735.67. The Housing Council shall also hear appeals under Ohio R.C. 3735.70.
   (g)   A Tax Incentive Review Council shall be established pursuant to Ohio R.C. 5709.85, and shall consist of three members appointed by the Board of County Commissioners of Summit County; two members appointed by the Mayor with the concurrence of Council; the Auditor of Summit County or his or her designee; and an individual appointed by the Board of Education of the Copley-Fairlawn City School District. At least two members of the Tax Incentive Review Council shall be residents of the City. The Tax Incentive Review Council shall carry out such duties from time to time as are required by State statutes and as are applicable to the facts relating to Community Reinvestment Area No. 1.
   (h)   Council reserves the right to reevaluate the designation of Community Reinvestment Area No. 1 after December 31, 1997, at which time the Council may direct the Housing Officer not to accept any new applications for exemptions as described in Ohio R.C. 3735.67, with respect to any additional remodeling thereafter commenced in Community Reinvestment Area No. 1.
(Ord. 1995-130. Passed 8-14-95.)