For purposes of fulfilling the requirements set forth under Ohio R.C. 3735.65 through 3735.70, inclusive, City Council establishes a Community Reinvestment Area, dated June 25,1984.
The boundaries of the Community Reinvestment Area shall be as shown on such map dated June 25, 1984 entitled "City of Reynoldsburg Community Reinvestment Area."
Within the boundaries of the Community Reinvestment Area the following schedule of tax abatement and the maximum time periods shall be granted for real property improvements as described in Ohio R.C. Section 3735.67:
(a) Nine years at the following rates and time periods:
Years Tax Abated
1-3 100%
4-6 2/3
7-9 1/3
After 9 Full tax paid by owner
For the remodeling of every dwelling containing not more than two family units upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500) as described in Ohio R.C. 3735.67 (A).
(b) Twelve years at the following rates and time periods:
Years Tax Abated
1-5 100%
6 - 10 2/3
11 - 12 1/3
After 12 Full tax paid by owner
For the remodeling of every dwelling containing more than two units, and commercial or industrial properties, upon which the cost of remodeling is at least five thousand dollars ($5,000) as described in Ohio R.C. 3735.67 (B).
(c) Fifteen years at the following rates and time periods:
Years Tax Abated
1-5 100%
6 - 10 2/3
11 - 15 1/3
After 15 Full tax paid by owner
For the construction of every commercial or industrial structure as described in Ohio R.C. 3735.67 (C).
To administer and implement the provisions of this section, the Mayor is designated the Housing Officer, as established by Ordinance No. 5-91 passed January 28, 1991. All tax abatement applications shall be the responsibility of the Mayor as described in Ohio R.C. Sections 3735.65 and 3735.66.
Tax abatement eligibility on any real property terminates if the use for which it was granted changes or the project is not commenced within one year after tax abatement eligibility is granted or the project is not completed in a period of thirty-six months after tax abatement eligibility is granted. Commencement of a project is defined as the act of making application for a building permit and project completion is defined as final inspection by the Building Department.
Tax abatement eligibility at any location may be transferred to a new owner only upon the review of the Mayor and approval by a majority vote of City Council.
(Res. 60-84. Passed 6-25-84; Ord. 28-96. Passed 2-12-96.)