Within the CRA, 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 Ohio R.C. 3735.67. The results of the negotiation as approved by the Village Council will be set in writing in a CRA Agreement as outlined in Ohio R.C. 3735.671. For residential property, a tax exemption on the increase in the assessed valuation resulting from improvements as described in Ohio 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.
(a) Abatement will be 100% for five (5) years, ten (10) years for properties located within any special flood hazard area A on the current National Flood Insurance Program Flood Insurance Rate Map, for the remodeling of single family dwellings and for which the cost of remodeling is at least twenty thousand dollars ($20,000), as described in Ohio R.C. 3735.67. The abatement will be on the improvement only. This abatement is on the property and shall be transferrable to subsequent owners for the life of the original abatement.
(b) Abatement will be 100% for five (5) years, ten (10) years for properties located within any special flood hazard area A on the current National Flood Insurance Program Flood Insurance Rate Map, for residential dwellings containing two (2) units. The cost of remodeling must be at least forty thousand dollars ($40,000) as described in Ohio R.C. 3735.67. The abatement will be on the improvement only. This abatement is on the property and shall be transferrable to subsequent owners for the life of the original abatement.
(c) Abatement will be 100% for five (5) years, ten (10) years for properties located within any special flood hazard area A on the current National Flood Insurance Program Flood Insurance Rate Map, for the new construction of a single family residential dwelling as described in Ohio R.C. 3735.76. This abatement is on the property and shall be transferrable to subsequent owners for the life of the original abatement.
(d) Abatement can be up to 100% for up to fifteen (15) years for new or existing retail or commercial facilities and shall be negotiated on a case-by-case basis in advance of construction occurring. This abatement shall be subject to Council approval before becoming transferrable to subsequent owners.
(e) Abatement can be up to 100% for up to fifteen (15) years for an industrial facility and shall be negotiated on a case-by-case basis in advance of construction occurring. This abatement shall be subject to Council approval before becoming transferrable to subsequent owners.
(Ord. 14-20. Passed 11-24-14.)
(Ord. 14-20. Passed 11-24-14.)