(a) The area designated as the London Historic District constitutes an area in which housing facilities or structures of historical significance are located, and in which new construction or repair of existing facilities has been discouraged.
(b) Pursuant to Ohio R.C. 3735.66, the London Historic District is hereby established in the area set forth in Exhibit B attached to original Ordinance 167-98, passed June 4, 1998, and incorporated herein by reference.
(c) Only residential, commercial and/or industrial properties, consistent with the applicable zoning regulations within the designated community reinvestment area, will be eligible for exemptions under this section.
(d) All properties identified in Exhibit C attached to original Ordinance 167-98, passed June 4, 1998, as being within the designated community reinvestment area, are eligible for this incentive. This proposal is a public/private partnership intended to promote and expand conforming uses in the designated area. As a part of the project, the City intends to undertake supporting public improvements in the designated area.
(e) 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 prior to the commencement of construction or remodeling, according to the rules outlined in Ohio R.C. 3735.67. The results of the negotiations, as approved by Council, shall be set down 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 the completion of construction.
(1) Up to fifty percent, up to ten years, negotiated for existing commercial and industrial facilities and mixed uses and negotiated on a case-by-case basis in advance of construction or remodeling, and having at least fifty thousand dollars ($50,000) of verifiable expenditures to qualify;
(2) Fifty percent, up to ten years (term the same for all), for the remodeling of dwellings containing not more than two housing units and upon which the cost of remodeling is at least five thousand dollars ($5,000), as described in Ohio R.C. 3735.67. Buildings that house mixed uses, and/or buildings in which only one or two dwelling units are intended to be remodeled, do not qualify under this paragraph.
If remodeling qualifies for an exemption, the percentage of the dollar amount of the increase in market value of the structure, during the period of the exemption, as negotiated, shall be exempt from real property taxation.
(f) All commercial and industrial projects are required to comply with the State application fee requirement of Ohio R.C. 3735.672 and the local annual monitoring fee of one percent on the amount of taxes exempted under the agreement, but not less than two hundred dollars ($200.00) and not more than two thousand, five hundred dollars ($2,500), annually. The monitoring fee is a local option.
(g) To administer and implement the provisions of this section, the Safety-Service Director is hereby designated as the Housing Officer as described in Ohio R.C. 3735.65 through 3735.70.
(h) A Community Reinvestment Area Housing Council shall be established, consisting of two members appointed by the Mayor, two members appointed by City Council and one member appointed by the Planning Commission. The majority of the members shall then appoint two additional members who shall be residents within the area. Terms of the members of the Community Reinvestment Area Housing Council shall be for three years. An unexpired term resulting from a vacancy in the Community Reinvestment Area Housing Council shall be filled in the same manner as the initial appointment was made.
(i) A Tax Incentive Review Council shall be established pursuant to Ohio R.C. 5709.85 and shall consist of three representatives appointed by the Board of County Commissioners, two representatives of the City, appointed by the Mayor with the concurrence of Council, the County Auditor or his or her designee, and a representative of each affected board of education. At least two members must be residents of the City of London. The Tax Incentive Review Council shall review annually the compliance of all agreements involving the granting of exemptions for commercial or industrial real property improvements under Ohio R.C. 3735.671 and make written recommendations to the City Council as to continuing, modifying or terminating any such agreement based upon the performance of the agreement.
(j) Council reserves the right to re-evaluate the designation of the London Historic District after December 31, 1998, and every year thereafter in December, at which time Council may direct the Housing Officer not to accept any new applications for exemptions as described in Ohio R.C. 3735.67.
(k) The Community Reinvestment Area Housing Council shall make an annual inspection of the properties within the district for which an exemption has been granted under Ohio R.C. 3735.67. The Council shall also hear appeals under Ohio R.C. 3735.70.
(Ord. 167-98. Passed 6-4-98.)