Within the Community Reinvestment Area, the percentage of the tax exemption of 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 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 R.C. § 3735.671. For residential property, a 100% tax exemption on the increase in the assessed valuation resulting from improvements as described in R.C. § 3735.67 shall be granted upon proper application by the property owner and certification thereof by the designated housing officer for the following periods. Residential applications must be filed with the Housing Officer no later than six months after construction completion.
(A) Ten-year exemption (term same for all) for the remodeling of dwellings containing not more than two housing units, and upon which the cost of remodeling is at least $20,000, as described in R.C. § 3735.67.
(B) A maximum of 12 years tax exemption (negotiated--up to 12 years) for existing commercial and industrial facilities shall be negotiated on a case- by-case basis in advance of construction or remodeling occurring, and upon the cost of the renovation is at least $20,000, as described in R.C. § 3735.67.
(C) A maximum of 15 years tax exemption (negotiated--up to 15 years) for new commercial or industrial facilities shall be negotiated on a case-by- case basis in advance of construction occurring.
(D) If remodeling qualifies for an exemption, during the period of the exemption, 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 structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
(Ord. 98-1237, passed 2-17-98)