Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property and the term of those exemptions shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in the Ohio R.C. 3765.67. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement as outlined in Ohio R.C. 3735.671. The length and amount of the exemption shall be negotiated in advance of construction or remodeling. The length of the exemption shall be up to 12 years for existing commercial and industrial facilities and up to 15 years for new commercial or industrial facilities.
(Ord. 2008-105. Passed 4-28-08.)