(a) Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property and the term of those exemptions shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in Ohio R.C. 3765.67. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement as outlined in Ohio R.C. 3735.671. For residential property, a tax exemption on the increase in the assessed valuation resulting from the improvements as described in Ohio R.C. 3735.67 shall be granted upon application by the property owner and certification thereof by the designated Housing Officer for the following periods.
(1) Ten years, for the remodeling of every residential dwelling unit containing not more than two housing units and upon which the cost of remodeling is at least ten thousand dollars ($10,000), as described in Ohio R.C. 3735.67, and with such exemption being 100% for housing units that are 40 years or older; 50% for housing units aged 40 years or younger.
(2) Up to, and including, ten years, and up to, and including, 100% for the remodeling of existing commercial and industrial facilities and upon which the cost of remodeling is at least ten thousand dollars ($10,000), as described in Ohio R.C. 3735.67, the term and percentage of which shall be negotiated on a case-by-case basis in advance of remodeling occurring.
(3) Up to, and including, fifteen years, and up to, and including, 100 percent for the construction of new commercial or industrial facilities, the term and percentage of which shall be negotiated on a case-by-case basis in advance of construction occurring.
(4) Fifteen years for the new construction of any residential dwelling within the Community Reinvestment Area and with such exemption being 50%. An exemption approved pursuant to this paragraph shall first apply in the year the application is filed. Each exemption approved pursuant to this paragraph is subject to Ohio R.C. 3735.67, and specifically, Ohio R.C. 3735.67(F), and shall continue only for those years remaining in the 15-year exemption period.
(b) For the purposes of the above described Community Reinvestment Area, structures exclusively used for residential purposes and composed of two and fewer units shall be classified as residential structures.
(c) If remodeling qualifies for an exemption, during the period of the exemption, the exempted percentage of the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption the exempted percentage of the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
(Ord. 2011-20. Passed 10-18-11; Ord. 2012-21. Passed 10-16-12; Ord. 2016-2. Passed - -16; Ord. 2016-5. Passed 3-15-16.)