(A) Within the community reinvestment area, 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 this Council, will be set in writing in a community reinvestment area agreement, as outlined in Ohio R.C. § 3735.671.
(1) Up to 12 years for existing commercial and industrial facilities shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring. The construction or remodeling must involve a minimum new investment of $5,000.
(2) Up to 15 years for new commercial or industrial facilities shall be negotiated on a case-by-case basis in advance of construction occurring.
(B) If remodeling qualifies for an exemption, during the period of exemption, the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption, the structure shall not be considered an improvement on the land on which it is located for the purpose of real property taxation.
(C) All commercial and industrial properties 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. This local monitoring fee shall not exceed $500 annually and will be negotiated on a case-by-case basis. The city has the option of waiving the local annual monitoring fee.
(Ord. 99-52, passed 7-6-99)