Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to residential, commercial and industrial real property shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in R.C. §3765.67. The length of the exemption shall be determined by the criteria set forth below. The results of the negotiations will be set in writing in a Community Reinvestment Area Agreement as outlined in R.C. § 3735.671. The agreement shall be provided to McComb Local School District Board of Education pursuant to R.C. § 3735.671 which may approve, disapprove, or enter a resolution containing conditions under which it will approve the agreement. Only after receiving the Board's approval or upon acceptance of the Board's conditions set forth in the approved resolution may the village approve the agreement. For residential property, a tax exemption on the increase in the assessed valuation resulting from the improvements as described in R.C. § 3735.67 shall be granted upon application by the property owner and certification thereof by the designated Housing Officer for the following periods.
(A) Pursuant to R.C. § 3735.67 (A), every residential dwelling containing not more than two family units, located within Community Reinvestment Area #1, and upon which the cost of remodeling is at least $10,000 shall receive a tax exemption for a period of time based upon the following schedule:
(1) Structures that are 20 or more years old at the time of remodeling, four years.
(2) Structures that are 30 or more years old at the time of remodeling, six years.
(3) Structures that are 40 or more years old at the time of remodeling, eight years.
(4) Structures that are 50 or more years old at the time of remodeling, ten years.
(B) Pursuant to R.C. §3735.67(B), every residential dwelling containing more than two family units, located within Community Reinvestment Area #1, and upon which the cost of remodeling is at least $10,000 shall receive a tax exemption for a period of time based upon the following schedule:
(1) Structures that are 20 or more years old at the time of remodeling, four years.
(2) Structures that are 30 or more years old at the time of remodeling, six years.
(3) Structures that are 40 or more years old at the time of remodeling, eight years.
(4) Structures that are 50 or more years old at the time of remodeling, ten years.
(C) Pursuant to R.C. § 3735.67(B), every commercial or industrial property, located within Community Reinvestment Area #1, and upon which the cost of remodeling is at least $10,000 shall receive a tax exemption for a period of time based upon the following schedule:
(1) Where the remodeling investment is at least 10% of the existing structure's current tax valuation but less than 20% of said value, four years.
(2) Where the remodeling investment is at least 20% of the existing structure's current tax valuation but less than 50% of said value, six years.
(3) Where the remodeling investment is at least 50% but less than 100% of the existing structure's current tax valuation and/or the investment is at least $500,000 but less than $1,000,000, ten years.
(4) Where the remodeling investment is at least 100% of the existing structure's current tax valuation and/or the investment is greater than $1,000,000, a 15-year exemption.
(D) Pursuant to R.C. § 3735.67(C), every new commercial, industrial or multifamily development, located within Community Reinvestment Area #1, shall receive a tax exemption for a period of time based upon the following schedule:
(1) Where the construction investment is more than $250,000 but less than $500,000 dollars, four years.
(2) Where the construction investment is more than $500,000 but less than $1,000,000, six years.
(3) Where the construction investment is more than $1,000,000 dollars but less than $3,000,000, eight years.
(4) Where the construction investment is more than $3,000,000 or more, 15 years.
(Ord. O-2019-17, passed 8-26-2019)