1524.01 Designation of area.
1524.02 Exemptions from real property taxation.
1524.03 Structures and remodeling completed after effective date of chapter.
CROSS REFERENCES
Community reinvestment areas - see Ohio R.C. 3735.65 et seq.
Community Improvement Corporation - see ADM. Ch. 154
Property Maintenance Code - see Part Seventeen - Property Maintenance Code
The area, the boundaries of which are designated in the map marked Exhibit "A" attached to original Resolution 242-85, passed December 17, 1985, and incorporated herein as if fully restated, is determined by Council, after a survey of the housing within the City, to be an area in which housing facilities are located and in which both new housing construction and the repair of existing facilities or structures are discouraged, and such area is, therefore, designated as a "community reinvestment area" pursuant to Ohio R.C. 3735.65 et seq.
(Res. 151-78. Passed 6-19-78; Res. 242-85. Passed 12-17-85.)
(a) The construction of new structures and the remodeling of existing structures, as defined in Ohio R.C. 3735.65(C), conducted within the community reinvestment area, are hereby declared to be proper public purposes for which exemptions from real property taxation shall, upon proper application and certification, be granted, for the following terms:
(1) For every dwelling containing not more than two family units and upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500) for a period not exceeding ten years;
(2) For every dwelling containing more than two units and for commercial and industrial properties upon which the cost of remodeling is at least five thousand dollars ($5,000) for a period not exceeding twelve years; and
(3) For new construction of every dwelling, commercial or industrial structure, for a period not exceeding fifteen years.
(b) If the remodeling qualifies for an exemption under paragraph (a)(1) or (2) hereof, the dollar amount by which the remodeling increased the market value of the structure shall be exempt from real property taxation for the specified term. If the construction of the structure qualifies for an exemption under paragraph (a)(3) hereof, the structure shall not be considered an improvement on the land on which it is located for the purpose of real property taxation.
(Res. 151-78. Passed 6-19-78; Ord. 98-99. Passed 3-15-99; Ord. 123-99. Passed 5-3-99.)
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