(a) The area depicted in Exhibit A revised May 1, 1989 and described in Exhibit B revised May 1, 1989 attached to original Ordinance 61-8 has successfully met the criteria for designation as a Community Reinvestment Area under the terms of Ohio R.C. 3735.65 through 3735.70.
(b) The area depicted in Exhibit A revised May 1, 1989 and described in Exhibit B revised May 1, 1989 attached to original Ordinance 61-89 is hereby established as the East Broad Street Community Reinvestment Area.
(c) The boundaries of the East Broad Street Community Reinvestment Area are as depicted in Exhibit A revised May 1, 1989 and as more particularly described in Exhibit B revised May 1, 1989 attached to original Ordinance 61-89.
(d) The East Broad Street Community Reinvestment Area is an area in which housing facilities are located and in which new housing construction and repair of existing facilities or structures is discouraged.
(e) Within the East Broad Street Community Reinvestment Area, tax exemptions for improvements to real property as described in Ohio R.C. 3735.67 will be granted for the following periods:
(1) Ten years for the remodeling of every dwelling containing not more than two family units upon which the cost of remodeling is at least ten thousand dollars ($10,000) as described in Ohio R.C. 3735.67(A).
(2) Twelve years for the remodeling of every commercial or industrial property, upon which the cost of remodeling is at least twenty thousand dollars ($20,000) as described in Ohio R.C. 3735.67(B).
(3) Fifteen years for the construction of every commercial or industrial structure as described in Ohio R.C. 3735.67(C).
For purposes of clarification, residential dwellings shall not be considered commercial for purposes of qualifying for the abatement authorized by this section.
(f) Tax abatement may only be granted to those property owners who apply and complete construction or remodeling after the effective date of this section.
(g) The Mayor of the City is hereby designated as the Housing Officer for the East Broad Street Community Reinvestment Area. The aforesaid Housing Officer is hereby authorized and directed to administer and implement this section and Ohio R.C. 3735.65 through 3735.69.
(h) The East Broad Street Community Reinvestment Area Council is hereby created consisting of seven members appointed as set forth in Section 168.01 in the Code of Ordinances of the City of Reynoldsburg.
(i) The East Broad Street Community Reinvestment Area Council shall make an annual inspection of the properties within the East Broad Street Community Reinvestment Area for which an exemption has been granted under Ohio R.C. 3735.67 and shall hear appeals under Ohio R.C. 3735.70.
(Ord. 61-89. Passed 5-22-89; Ord. 28-96. Passed 2-12-96.)