(a) The area depicted as Section 3 in Exhibit A and described in Exhibit B attached to original Ordinance 89-92 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 as Section 3 in Exhibit A and described in Exhibit B attached to original Ordinance 89-92 is hereby established as a community reinvestment area designated as Section 3 of the Amended East Broad Street Community Reinvestment Area (hereinafter called Section 3).
(c) Section 3 is an area in which housing facilities are located and in which new housing construction and repair of existing facilities or structures are discouraged.
(d) As is the case within the Amended East Broad Street Community Reinvestment Area, within Section 3 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 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 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.
(e) Tax abatement for Section 3 may only be granted to those property owners who apply and complete construction or remodeling after the effective date of this section.
(f) Based on the actions taken by Ordinance No. 61-89 and by Ordinance No. 134-89, the recitals of this section, the contiguity of Section 3 and of the Amended East Broad Street Community Reinvestment Area, and the preceding sections of this section, the boundaries of the Amended East Broad Street Community Reinvestment Area are hereby amended to reflect the addition of Section 3, which Section 3 is depicted in Exhibit A and is more particularly described in Exhibit B attached to original Ordinance 89-92; and the Amended East Broad Street Community Reinvestment Area as amended by the addition of Section 3 shall hereafter be referred to and is designated as the Second Amended East Broad Street Community Reinvestment Area the boundaries of which are described in Exhibit C attached to original Ordinance 89-92.
(g) The Mayor of the City of Reynoldsburg shall remain as the Housing Officer for the Second Amended 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 with respect to the Second Amended East Broad Street Community Reinvestment Area.
(h) The East Broad Street Community Reinvestment Area Council created under the terms of Ordinance No. 61-89 and Ordinance No. 134-89 shall remain and is hereby designated as the Community Reinvestment Area Council for the Second Amended East Broad Street Community Reinvestment Area.
(i) The East Broad Street Community Reinvestment Area Council shall make an annual inspection of the properties within the Second Amended 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. 89-92. Passed 6-22-92.)