Within the Community Reinvestment Area, tax abatements for improvements to real property, as described in Ohio R.C. 3735.67, will be granted for the following periods:
(a) For the remodeling of every dwelling containing no more than two family units, abatements shall be granted according to the following schedule as described and authorized in Ohio R.C. 3735.67(D)(1):
(1) Three years for improvements of $5,000 to $20,000;
(2) Six years for improvements of greater than $20,000.
(b) Subject to the provisions of Section 1105.06(d), for the remodeling of commercial or industrial properties, abatements shall be granted according to the following schedule as described and authorized in Ohio R.C. 3735.67(D)(2):
(1) Three years for improvements of $10,000 to $100,000; and
(2) Six years for improvements of greater than $100,000.
(c) Subject to the provisions of Section 1105.06(d), for the construction of every dwelling, commercial or industrial structure, abatements shall be granted according to the following schedule as described and authorized in Ohio R.C. 3735.67(D)(3):
(1) Five years for improvements of $200,000 to $1,000,000; and
(2) Ten years for improvements of greater than $1,000,000.
(d) The tax abatements described in Sections 1105.06(b) and 1105.06(c) shall be granted only to commercial and/or industrial activities which result in the creation or maintenance of employment opportunities in the Village of Middlefield. The Housing Officer shall process only those applications for commercial or industrial remodeling or construction which demonstrate compliance with this stated policy. This policy does not apply to the remodeling or construction of dwellings.
(Ord. 97-141. Passed 11-6-97.)