49-05 Boundaries of Community Reinvestment Area

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Only Qualified Residential Facilities, including condominiums, used consistent with the applicable zoning regulations within Community Reinvestment Area #3 will be eligible to apply for exemptions under this Ordinance, and commercial and industrial uses are not eligible to apply for exemptions under this Ordinance. As used in this Ordinance, "Qualified Residential Facilities" shall mean for-sale residential units in a Mixed Use Overlay District, and shall not include residential rental property. SECTION 3. That witJ:rin Community Reinvestment Area #3, new construction of residential facilities, including Qualified Residential Facilities, is hereby declared to be public purposes and exempt from real property taxation as provided herein and, in accordance with the procedures and requirements of Section 3735.67 of the Ohio Revised Code, the exemption periods shal1 not be more than five (5) years. SECTION 4, That the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to Qualified Residential properties shall be one hundred percent (100%) for the first two years after completion and application, and fifty percent (50%) for the following three years after completion and application. , SECTION 5. Applications for abatement must be filed by the individual property owner where the' improvement is made to a dwelling containing less than two family units or an individual condominium. Only one application pet project for abatement shall be submitted for common areas of condominium buildings by the president of the association on behalf of the association, if the property is titled to the association, or on behalf of the individual owners, if the property is titled to the individual owners. SECTION 6. That all projects in Community Reinvestment Area #3 seeking tax abatement pursuant to this Ordinance are required to comply with the State of Ohio application fee requirements of Section 3735.672(C) of the Ohio Revised Code. SECTION 7, That to administer and implement the provision of this Ordinance, the City's Assistant Housing Commissioner is designated as the Housing Officer as described in Sections 3735.65 tbrough 3735.70 of the Ohio Revised Code, ' SECTION 8. That the Housing Officer shall verifY that all work has been completed under proper building pennits and completed in compliance with al1 building codes, zoning codes and any other applicable laws. SECTION 9, That the Community Reinvestment Area Housing Council shall make an annual inspection of the properties within, the Area for which an exemption has been granted under Section 3735.67 of the Ohio Revised Code. The Housing Council shall also hear appeals under Section 3735.70 of the Ohio Revised Code and meet no less than once annually to fulfill the duties imposed by Ohio Revised Code Section 3735.69. SECTION 10. A copy of this Ordinance shall be forwarded to the Cuyahoga Coun1y Auditor; and a copy of this Ordi:nance shall be published in a newspaper of general circulation in the City once a week for two consecutive weeks immediately fol1owing its passage, SECTION 11. The Director of Planning and Development of the City is hereby directed and authorized to petition the Director of Development of the State of Ohio to confinn the [mdings contained within this Resolution and such petition shall be accompanied by a copy of this Ordinance and by a map of Community Reinvestment Area #3, which said map shall describe Community Reinvestment Area #3 in sufficient detail to denote the specific boundaries of such Area and shall indicate zoning restrictions applicable to Community Reinvestment Area #3. SECTION 12. This Council hereby finds and determines that all formal actions relative to the passage of this Ordinance were taken in an open meeting of this Council, that all deliberations of this Council and of its committees, if any, which resulted in fonnal action were taken in meetings open to the public, in full compliance with the applicable legal requirements, including Section 121.22 of the Ohio Revised Code.