(a) Within Community Reinvestment Area No. 1, 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 remodeling every dwelling containing not more than two family units, upon which the cost of remodeling is at least two thousand, five hundred dollars ($2,500.00), as described in Ohio R.C. 3735.67(D)(1);
(2) Ten years for remodeling every dwelling containing more than two units, and commercial or industrial properties, upon which the cost of remodeling is at least five thousand dollars ($5,000.00), as described in Ohio R.C. 3735.67(D)(2); and
(3) Ten years for the construction of every dwelling and commercial or industrial structure, as described in Ohio R.C. 3735.67(D)(3).
(b) Within Community Reinvestment Area No. 2, 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 the 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 (10) 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 two thousand five hundred dollars ($2,500), as described in Ohio R.C. 3735.67, and with such exemption being one-hundred percent (100%) for each of the ten (10) years.
(2) Twelve (12) years, for the remodeling of every residential dwelling unit containing more than two housing units and upon which the cost of remodeling is at least five thousand dollars ($5,000), as described in Ohio R.C. 3735.67, and with such exemption being one-hundred percent (100%) for each of the twelve (12) years.
(3) Fifteen (15) years, for the construction of dwellings containing not more than four (4) housing units, as described in Ohio R.C. 3735.67, with such exemption being one-hundred percent (100%) for each of the fifteen (15) years.
(4) The remodeling of existing commercial and industrial facilities upon which the cost of remodeling is at least five thousand dollars ($5,000), as described in Ohio R.C. 3735.67, the term and percentage shall be negotiated on a case-by-case basis in advance of remodeling occurring.
(5) The construction of new commercial or industrial facilities, the term and percentage shall be negotiated on a case-by-case basis in advance of construction occurring.
(Res. 85-G, passed 8-8-1985; Am. Ord. 15-57, passed 11-24-2015)