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(A) The city, by ordinance, and in compliance with R.C. Chapter 5709, may declare to be a public purpose for any number of years not to exceed 30, any improvement to a parcel of real estate. The improvements to the real estate are exempt from real property taxation for the period commencing upon the effective date set forth in the ordinance declaring the improvements to be a public purpose and ending on the date specified in the ordinance as the date the improvements cease to be a public purpose.
(B) Ordinances adopted under this section prior to the adoption of Ordinance 2015-087, may be amended to permit the city to convey any real estate it acquired, the improvements to which it thereafter exempted from real property taxation pursuant to this section. The conveyance of any such real estate by the city will not affect the real property tax exemption for any improvements to such property and such exemption shall remain in effect until the date such improvement ceases to be a public purpose as set forth in the original ordinance declaring such public purpose.
(C) As used in this chapter, the term IMPROVEMENT means the increase in the true value of any parcel of property subsequent to the declaration of the public purpose as part of the city's urban redevelopment program.
(Ord. 2015-087, passed 9-8-15)