(a) The area designated as the Community Reinvestment Area 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.
(b) The boundaries of the Putnam Community Reinvestment Area are as follows:
Bounded on the west by the railroad right-of-way commencing at the south side of the Second Street railroad bridge and running southward to Van Buren Street, bounded on the south by the City of Zanesville Corporate Limits, bounded on the east and north by the Muskingum River from the Corporate Limits to the railroad right-of-way and point of beginning.
(c) Only residential, commercial and/or industrial properties consistent with the applicable zoning regulations within the designated Community Reinvestment Area will be eligible for exemptions under this program.
(d) 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 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 improvements as described in Ohio R.C. 3735.67 shall be granted upon proper application by the property owner and certification thereof by the designated Housing Office for the following periods. Residential applications must be filed with the Housing Officer no later than six months after construction completion.
(1) Five years, (term the same for all) for the remodeling of dwellings containing not more than two housing units and upon which cost of remodeling is at least $2,500, as described in Ohio R.C. 3735.67.
(2) Six years, (negotiated - up to 12 years) for existing commercial and industrial facilities shall be negotiated on a case-by-case basis in advance of at least $5,000 of construction or remodeling occurring.
(3) Eight years, (negotiated - up to 15 years) for new commercial or industrial facilities shall be negotiated on a case-by-case basis in advance of construction occurring.
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.
(e) All commercial and industrial projects are required to comply with the state application fee requirements of Ohio R.C. 3735.672(C).
(f) To administer and implement the provisions of this section, the City Community Development Department is designated as the Housing Officer as described in Ohio R.C. 3735.65 through 3735.70.
(g) A Tax Incentive Review Council has been established pursuant to Ohio R.C. 5709.85 and consists of three representatives appointed by the Board of County Commissioners, two representatives of the municipal corporation, appointed by the Municipal CEO with Council concurrence, the County Auditor or designee and a representative of each affected board of education. At least two members must be residents of the City of Zanesville. The Tax Incentive Review Council shall review annually the compliance of all agreements involving the granting of exemptions for commercial or industrial real property improvements under Ohio R.C. 3735.671, and make written recommendations to the Council as to continuing, modifying or terminating said agreement based upon the performance of the agreement.
(h) Council reserves the right to re-evaluate the designation of the Community Reinvestment Area after December 31, 2002 (ODOD suggests an annual review) at which time the Council may direct the Housing Officer not to accept any new applications for exemptions as described in Ohio R.C. 3735.67.
(i) The Review Council shall also hear appeals under Ohio R.C. 3735.70.
(Ord. 01-128. Passed 9-10-01.)