(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.)