Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from new construction and remodeling 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. 3765.67, subject to the maximum percentages and periods set forth below. The results of the negotiation as approved by Council will be set in writing in a community reinvestment area agreement as outlined in Ohio R.C. 3735.671. For residential property, a tax exemption on the increase in the assessed valuation resulting from the improvements as described in Ohio R.C. 3735.67 shall be granted upon application by the property owner and certification thereof by the designated housing officer for the following percentages and exemption periods. Residential applications must be filed with the housing officer no later than twelve months after construction completion.
(a) Ten years, for the remodeling of every residential dwelling containing not more than four housing units and upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500), as described in Ohio R.C. 3735.67, and with such exemption being 100 percent for each of the ten years.
(b) Ten years for the new construction of owner occupied residential dwellings containing not more than four housing units, as described in Ohio R.C. 3735.67, with such exemption being 100 percent for each of the ten years.
(c) Up to, and including twelve years, and up to, and including 100 percent for the remodeling of existing commercial and industrial facilities and upon which the cost of remodeling is at least five thousand dollars ($5,000) as described in Ohio R.C. 3735.67, the term and percentage of which shall be negotiated on a case-by-case basis in advance of remodeling occurring.
(d) Up to, and including fifteen years, and up to, and including 100 percent for the construction of new commercial and industrial facilities, the term and percentage of which shall be negotiated on a case-by-case basis in advance of construction occurring.
(e) All commercial and industrial projects are required to comply with the State application fee requirements of Ohio R.C. 3735.672(c) and the local annual monitoring fee of one percent of the amount of taxes exempted under the agreement a minimum of five hundred dollars ($500.00) up to a maximum of two thousand five hundred dollars ($2,500) annually unless waived.
(Ord. 2016-2. Passed 2-8-16.)