(a) The original area designated as Community Reinvestment Area No. 1 is described in Resolution 349. The First, Second, Third, Fourth and Fifth Additions to the original area are as described in Resolutions R-86-7, R-87-9, R-90-51, R-96-95 and R-97-74 respectively. (A.O.)
(b) Within such Reinvestment Area, tax exemptions for improvements to real property as described in Ohio R.C. 3735.67 and elsewhere in this chapter, may be granted for the following periods:
(1) Ten years for the remodeling of a 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);
(2) Twelve years for the remodeling of a dwelling containing more than two units, and for 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); and
(3) Fifteen years for the construction of a commercial or industrial structure, as described in Ohio R.C. 3735.67(C).
(c) Council reserves the right to re-evaluate the designation of such Reinvestment Area after January 1, 1988, at which time Council may direct the Housing Officer not to accept new applications for exemptions, as described in Ohio R.C. 3735.67 and elsewhere in this chapter.
(Res. R-86-7. Passed 5-15-86.)