120.06 NEGOTIATIONS FOR NEW PROJECTS.

   (a)   With respect to projects involving new construction and/or remodeling of commercial or industrial structures which are subject to the provisions of Ordinance 1-2000, Community Reinvestment Area Agreements complying with the requirements of Ohio R.C. 3735.671 shall be negotiated for each such project, and each such CRA Agreement shall be subject to approval by this Council; and each such CRA Agreement shall be entered into prior to the commencement of any such new construction and/or remodeling.

   (b)   The negotiation of Community Reinvestment Area Agreements shall include, without limitation, the negotiation for each project of the percentage and term of real property tax exemption, but not to exceed the percentage and term of exemption as provided in the CRA ordinances as amended by Ordinance 1-2000; and the percentage and term of real property tax exemption negotiated by the City for each project will be based upon the criteria described in Exhibit A attached hereto, and such additional criteria as may be developed from time to time by the Mayor, Economic Development Coordinator, Director of Law, Housing Officer, and this Council, in connection with specific projects. (Ord. 1-2000. Passed 1-25-00.)