(a) For the purpose of fulfilling the requirements set forth in Ohio R.C. 3735.65 through 3735.70, and this chapter establishing the Municipality of Springboro Program for Community Reinvestment, Council hereby establishes Springboro Community Reinvestment Area No. 2.
(b) The original area designated as a Community Reinvestment Area No. 2 is described in Resolution 86-12. The First Addition to the original area is described in Resolution 97-75.
(c) Council finds that within the areas described herein as Springboro Community Reinvestment Area No. 2 housing facilities are located and new housing construction and repair of existing facilities or structures are discouraged.
(d) Within Springboro Community Reinvestment Area No. 2, tax exemption for improvements to real property as described in Ohio R.C. 3735.67 and the Springboro Community Reinvestment Program will be granted for the following periods:
(1) Five years for the remodeling of every dwelling containing not more than two family units upon which the costs of remodeling is at least two thousand five hundred dollars ($2,500) as described in Ohio R.C. 3735.67(A).
(2) Five years 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).
(3) Fifteen years for the construction of every commercial or industrial structure as described in Ohio R.C. 3735.67(C).
(e) Council reserves the right to re-evaluate the designation of Springboro Community Reinvestment Area No. 2 after January 1, 1991, at which time Council may direct the Housing Officer not to accept any new applications for exemptions as described in Ohio R.C. 3735.67 and the Springboro Community Reinvestment Program.
(Res. R-86-12. Passed 8-7-86; Ord. 00-22. Passed 4-6-00.)