(a) The area included within Community Reinvestment Area No. 1 is hereby declared to be one in which housing facilities or structures of historical significance are located and in which new housing construction and repair of existing facilities or structures are discouraged.
(b) The area designated as Xenia Community Reinvestment Area No. 2 constitutes an area in which housing facilities or structures of historical significance are located and in which new construction or repair of existing facilities has been discouraged.
(c) All commercial and industrial projects within Community Reinvestment Area No. 2 are required to comply with the state application fee requirements of Ohio R.C. 3735.672(C) and the local annual monitoring fee of one percent of the amount of taxes exempted under the agreement - a minimum of five hundred dollars ($500.00) up to a maximum of two thousand five hundred dollars ($2,500) annually unless waived.
(d) For the purposes of Community Reinvestment Area No. 2, structures exclusively used for residential purposes and composed of four (4) and fewer units shall be classified as residential structures.
(e) For the purposes of Community Reinvestment Area No. 2, 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.
(Res. 85-G, passed 8-8-1985; Am. Ord. 15-57, passed 11-24-2015)