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Within the Community Reinvestment Area, the percentage of tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property, and the term of such exemptions, shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in the Ohio R.C. 3735.67. The results of the negotiation, as approved by Council, will be set forth in writing, in a Community Reinvestment Area Agreement, as outlined in Ohio R.C. 3735.671. For residential property, a tax exemption on the increase in the assessed valuation resulting from improvements, as described in Ohio R.C. 3735.67, shall be granted upon proper application by the property owner and certification thereof by the designated Housing Officer for the following periods. Residential applications must be filed with the Housing Officer no later than six months after completion of construction.
(a) Up to ten years for the remodeling of multifamily residential dwellings containing more than two housing units, and treated as commercial, upon which the cost of remodeling is at least two thousand, five hundred dollars ($2,500), and the same shall be negotiated on a case-by-case basis. Residential properties with two units or less shall be excluded from this program.
(b) Up to twelve years for existing commercial and industrial facilities, and the same shall be negotiated on a case-by-case basis in advance of construction or remodeling.
(c) Up to fifteen years for new commercial or industrial facilities, and the same shall be negotiated on a case-by-case basis in advance of construction.
If remodeling qualifies for an exemption, during the period of the exemption, 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 structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
(Ord. 96-165. Passed 11-19-96.)