(a) All properties 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 part of the project, the Village of Millersburg intends to undertake supporting public improvements in the designated area.
(b) If remodeling qualifies for an exemption, during the period of the exemption, the exempted percentage of the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption the exempted percentage of the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
(c) The tax exemption granted to residential property under this ordinance shall run with the property and thus shall be available to any successor owner(s) of the property during the period of exemption. Whether the tax exemption runs with commercial and industrial property shall be subject to the terms of the agreement described in Section 1355.05.
(Ord. 2008-105. Passed 4-28-08.)