(a) A "Community Reinvestment Area" is hereby created in the City of Newton Falls as outlined on the map attached to Original Resolution 3219, passed November 21, 1977 and which is made a part hereof. This area shall be known as "Community Reinvestment Area No. 1".
(b) The area designated as "Community Reinvestment Area" is an area in which housing facilities or structures of historical significance are located and the new housing construction and repair of existing facilities or structures are discouraged.
(c) The City Manager is hereby designated as the Housing Officer to administer this program.
(d) Tax abatement as prescribed in Ohio R.C. 3735.65 to 3735.70 shall be in effect for seven years.
(Res. 3219. Passed 11-21-77.)