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(a) Eligibility for Incentives. The properties set forth in subsection (b) hereof, being within the designated Community Reinvestment Area, are eligible for the incentives under this chapter. The City may determine that all or any combination of project types (residential, commercial and industrial) are eligible. This proposal is a public/private partnership intended to promote and expand conforming uses in the designated area. As part of the project, the City of Greenville intends to undertake supporting public improvements in the designated area.
(b) Eligible Properties.
(1) 314/316 Devor Street - 1 structure, 2 housing units
(2) 115/115-1/2 Gray Street - 1 structure, 2 housing units
(3) 416 Walnut Street - 1 unit
(4) 123 Water Street - 1 unit
(5) 121 and 121-1/2 Main Street - 1 structure, 2 housing units
(6) 123 and 123-1/2 Main Street - 1 structure, 2 housing units
(7) 117 Fourth Street - 1 housing unit
(8) 519 Sycamore - 1 housing unit
(9) Broadway:
308-1/2 A&B - 1 structure, 2 housing units
312 & 312-1/2 - 1 structure, 2 housing units
317-1/2 - 1 housing unit
319 A&B
321 vacant
323 vacant
327-1/2 vacant
329-1/2 vacant
401-1/2 vacant
418-1/2
524 & 525-1/2 vacant
(Ord. 96-147. Passed 10-15-96.)
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.)
All commercial and industrial projects are required to comply with the State application fee requirements of Ohio R.C. 3735.672(C) and the local annual monitoring fee of one percent of the amount of taxes exempted under the Agreement, which shall be a minimum of five hundred dollars ($500.00) and a maximum of two thousand, five hundred dollars ($2,500) annually.
(Ord. 96-147. Passed 10-15-96.)
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