Within Community Reinvestment Area No. 1, Community Reinvestment Area No. 2 and Community Reinvestment Area No. 3, tax exemptions for improvements to real property, as described in Ohio R.C. 3735.67, may be granted for the following periods:
(a) Not to exceed ten years for the remodeling of every dwelling containing not more than two family units upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500), as described in Ohio R.C. 3735.67(A);
(b) Not to exceed twelve years for the remodeling of every dwelling containing more than two units, and commercial or industrial properties, upon which the cost of remodeling is at least five thousand dollars ($5,000), as described in Ohio R.C. 3735.67(B); and
(c) Not to exceed fifteen years for construction of every dwelling, commercial or industrial structure described in Ohio R.C. 3735.67(C).
(Ord. 2392. Passed 3-28-94.)