(a) Council finds that the area designated as the Transit Village Community Reinvestment Area ("CRA") within the boundaries described in this Section, which area is illustrated in the "Map of Transit Village CRA" and includes the parcels listed in the "Statement of Findings" on file with the Housing Officer and in the 2021 Transit Village Community Reinvestment Area Housing Survey, constitutes an area within which housing facilities or structures of historical significance are located and within which new housing construction or repair of existing facilities or structures has been discouraged by market conditions.
(b) The Transit Village CRA shall be defined as the area in the City that includes: all parcels on Sutton Road; all parcels on Sutton Place, not including those properties that front onto Westbury and Colwyn Roads; the properties on the south side of Milverton Road from the southeast corner of Milverton and Sutton Roads, at Parcel No. 735-14-012, north and west to the City border with Cleveland, at Parcel No. 731-14-016; the properties on the north side of Milverton Road from Parcel No. 735-14-018 on the south east to the City border, at Parcel No. 731-18-031; and the parcels at the corner of Onaway Road, Van Aken Boulevard and Sutton Road from Parcel No. 731-18-034 and 731-18-035, to the south, and then continuing northwest to include parcels 731-18-301 through 731-18-312.
(c) Pursuant to Ohio Revised Code Section 3735.66, the Transit Village CRA, as defined in this Section, is hereby established.
(d) Properties within the Transit Village CRA on which new construction of residential-only, for-sale, single family homes occurs, with a minimum investment of $125,000, are eligible for tax exemption. A tax exemption of 100% of the increase in the assessed valuation of the property resulting from new construction, as defined in Ohio Revised Code Section 3735.67 and in this Chapter, shall be granted for a period of fifteen years, upon proper application by the property owner and certification of such application thereof by the Housing Officer. The initial sale of any new single family home must be to an owner occupant. Applications must be filed with the Housing Officer no later than six months after completion of the new construction. The Housing Officer shall determine whether an application meets the requirements of this Chapter, State law and the rules and regulations for the implementation of this Chapter.
(Ord. 21-69. Enacted 7-26-21.)