(a) The Industrial Reinvestment Area is hereby established, the boundaries of which are Ohio Street, Madison Street and City property (formerly railroad property), including lots five through twelve and thirty-three in the City.
(b) Council hereby finds that the Industrial Reinvestment Area described in subsection (a) hereof is an area in which housing facilities or structures of historical significance are located and new housing construction and repair of existing facilities or structures are discouraged.
(c) Within the Industrial Reinvestment Area herein established, tax exemptions for improvements to real property as described in Ohio R.C. 3735.67 will be granted for the following periods:
(1) For every dwelling containing not more than two family units upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500), a period to be determined by Council, but not exceeding five years;
(2) For every dwelling containing more than two units, and commercial or industrial properties, upon which the cost of remodeling is at least five thousand dollars ($5,000), a period to be determined by Council, but not exceeding ten years; and
(3) For construction of every dwelling, or commercial or industrial structure, a period to be determined by Council, but not exceeding ten years.
(d) To administer and implement the provisions of this section and Ohio R.C. 3735.65 through 3735.69, the Planning Director is hereby designated as the Housing Officer, as required by Ohio R.C. 3735.65.
(e) Only those remodeling or construction projects completed after the effective date of this section (Resolution 89-06R, passed July 3, 1989) shall be eligible for tax exemptions. The tax exemption shall first apply in the year following the calendar year in which the certification is made to the County Auditor by the Housing Officer.
(f) A Housing Council shall be appointed for the Industrial Reinvestment Area, the composition and duties of which shall be as provided in Ohio R.C. 3735.69.
(g) The Clerk of Council is hereby authorized and directed to forward a certified copy of this section to the County Auditor.
(Res. 89-06R. Passed 7-3-89.)