Within the community reinvestment area established in § 1230.01, in accordance with Ohio R.C. 3735.67, new construction shall receive an abatement of real property taxes for 15 years; commercial, industrial and multifamily housing remodeling, upon which the cost of remodeling is at least $5,000, shall receive an abatement of real property taxes for ten years; and every dwelling containing not more than two family units that is remodeled at a cost of at least $2,500 shall receive an abatement of real property taxes for five years.
(`82 Code, § 1230.04) (Res. 81-12, passed 7-12-81)