For purposes of this chapter, the words and phrases defined in the sections hereunder shall have the meanings therein respectively ascribed to them, unless a different meaning is clearly indicated by the context used herein.
(a) “Blighted property" means property which, because of its age, obsolescence, dilapidation, deterioration, lack of maintenance or repair or any combination thereof as determined by the City, constitutes a fire hazard, a health hazard, an unreasonable interference with the reasonable and lawful use and enjoyment of other property in the neighborhood or constitutes a factor causing seriously depreciating property values in the proximate neighborhood.
(b) "Neighborhood" means an area of the City comprised of all premises or parcels of land which in whole or in part are located in the same defined residential community, on the same street, or within a radius of 500 feet of any one parcel or lot within the City.
(c) "Property" means any and all interest in real property including but not limited to a fee estate, leasehold estate, ground leasehold, reversionary or reverter interests.
(d) "Redevelopment" means any of the following: the acquisition of blighted property, the demolition of a structure or structures thereon, the making of site improvements, including the construction or reconstruction thereon, or the sale of property for use in accordance with the City's Comprehensive Master Development Plan for the City and the City's Zoning Code (Chapter Eleven of the Codified Ordinances of Loveland). Redevelopment may include the construction or improvement by the City of any buildings for public use or for resale to private persons, which shall include individuals, corporations, joint ventures, partnerships or other entities.
(e) “Rehabilitation" means the restoration or conservation of blighted property by improvement, modernization or repair of a structure or structures thereon to bring it into conformance with applicable building and zoning provisions of the City.
(Ord. 2021-60. Passed 6-8-21.)