(a) For purposes of fulfilling the requirements of R.C. §§ 3735.65 to 3735.70, inclusive, Community Reinvestment Area No. 1 is hereby established.
(b) The boundaries of Community Reinvestment Area No. 1 are that portion of the Industrial Zoning District south of Ashtabula Street and east of Market Street, as indicated on the map set forth in Exhibit A, following the text of this chapter, which map is hereby fully incorporated into this chapter.
(c) Within Community Reinvestment Area No. 1, tax exemptions for improvements to real property, as described in R.C. § 3735.67, will be granted for the following periods:
(1) Five years for the remodeling of every dwelling containing not more than two family units upon which the cost of remodeling is at least $5,000, as described in R.C. § 3735.67(A);
(2) Seven 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 $10,000, as described in R.C. § 3735.67(B); and
(3) Ten years for the construction of every dwelling and commercial or industrial structure described in R.C. § 3735.67(C) .
(d) To administer and implement the provisions of this section, the Village Administrator is hereby designated as the Housing Officer, as described in R.C. §§ 3735.65 and 3735.66.
(e) The effective date of this section will be thirty days after final approval.
(f) A copy of this section shall be forwarded to the County Auditor by the Clerk-Treasurer for information and reference.
(g) Council hereby reserves the right to re- evaluate the designation of Community Reinvestment Area No. 1 after May 1, 1986, at which time Council may direct the Housing Officer not to accept any new applications for exemptions as described in R.C. § 3735.67.
(h) Council finds that the area included within the foregoing description as Community Reinvestment Area No. 1 is one in which housing facilities or structures of historical significance are located and new housing construction and repair of existing facilities or structures are discouraged.
(`80 Code, § 894.01) (Res. 1653, passed 5-21-84)