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<br />PLEASE SUBSTITUTE FOR ORDlNANCE 58-04 <br />PLACED ON 1ST READlNG JUNE 7, 2004, PLACED ON <br />SECOND READlNG JUNE 21, 2004 AND REFERRED <br />TO THE COMMmEE OF THE WHOLE ON JUNE 21, <br />2004. <br /> <br />ORDINANCE NO. <br /> <br />58-04 <br /> <br />BY: <br /> <br />Dever, Dunn. FitzGerald, <br />Madigan, Seelie. <br /> <br />AN ORDINANCE to amend Resolution No. 7710-02 adopted December 16, 2002 for the <br />purpose of creating "Community Reinvestment Area 2" to include new residential construction <br />within census tracts 1606.02 and 1617 in the tax abatement program. <br /> <br />WHEREAS, this Council wants to expand the Community Reinvestment Area Tax Abatement <br />program to include new residential construction within census tracts 1606.02 and 1617; and <br /> <br />WHEREAS, this Council has surveyed the housing within the City and has found and <br />determined that census tracts 1606.02 and 1617 comprise an area in which housing facilities are <br />located and new housing construction is discouraged without incentives from the City for such new <br />housing construction. Now therefore, <br /> <br />BE IT RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO <br /> <br />Section 1. That Resolution No. 7710-02, adopted December 16, 2002, currently reading as <br />follows: <br /> <br />Section 1. That for purposes of fulfilling the requirements set forth under Section <br />3735.65 to 3735.70 inclusive, of the Ohio Revised Code, the Council of the City of Lakewood <br />establishes "Community Reinvestment Area #1." <br /> <br />Section 2. That "Community Reinvestment Area #1" includes the entire City of <br />Lakewood. <br /> <br />Section 3. That within "Community Reinvestment Area #1" tax abatement for <br />improvements to real property as described in Section 3736.67 of the Ohio Revised Code will be <br />granted as foilows: <br /> <br />A. For the remodeling of every dwelling containing not more than two family units, <br />including individual condominium units: <br /> <br />1. Five (5) years, upon which the cost of remodeling is at least Two <br />Thousand Five Hundred Doilars ($2,500) but less than Ten Thousand <br />Dollars ($10,000). <br />2. Ten (10) years, upon which the cost of remodeling is Ten Thousand <br />Dollars ($10,000) or more. <br /> <br />B. For the remodeling of every common area of a condominium building containing <br />more than two units: <br /> <br />1. Five (5) years, upon which the cost of remodeling is at least Five <br />Thousand Doilars ($5,000) but less than One Million Doilars <br />($1,000,000). <br />2. Ten (10) years, upon which the cost of remodeling is One Million <br />Dollars ($1,000,000) or more. <br /> <br />Section 4. Applications for abatement must be filed by the individual property owner <br />where the improvement Is made to a dwelling containing less than two family units or an individual <br />condominium. Only one application per project for abatement shall be submitted for common <br />areas of condominium buildings by the president of the association on behalf of the association, if <br />the property is titled to the association, or on behalf of the individuai owners, if the property is <br />titled to the individual owners. <br /> <br />Page 1 of3 <br />