7710-02 Amend 5304-78 Expanding Comm Reinvestment

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Please Substitute for Resolution No. 7710-02. (Placed on is~ Reading and Referred to the Housing Committee 11/i8/02. Placed on 2"~ Reading 12/2/02.) RESOLUTION NO. 7710-02 BY: Corrigan, George, Seelie, Skiadell. A RESOLUTION to amend Resolution No. 5304 adopted May 1, 1978, as amended by Resolution No. 5955-85, adopted 3une 4, 1985 for the purpose of expanding the Community Reinvestment Area to include condominium units and common areas in the tax abatement program. WHEREAS, this Council wants to expand the Community Reinvestment Area Tax Abatement program to include condominiums and common areas, BE 1T RESOLVED BY THE CITY OF LAKEWOOD, STATE OF OHIO Section 1. That Resolution No. 5304, adopted May 1, 1978, as amended by Resolution No. 5955-85, adopted ]une 4, 1985, currently reading as follows: Section 1. That for purposes of fulfilling the requirements set forth under Section 3735.65 to 3735.70. inclusive, of the Ohio Revised Code, the Council of the City of Lakewood establishes "Community Reinvestment Area #1." Section 2. That the boundaries of"Community Reinvestment Area #1" are census tracts 1601, 1602,1603, 1604, 1605, 1606,1607,1608, 1609, 1610, 1611, 1612, 1613, 1614, 1615, 1616, 1617, 1618, in the City of Lakewood. Section 3. That within "Community Reinvestment Area #1' tax abatement for improvements to real property as described in Section 3736.67 of the Ohio Revised Code will be granted for the following period: Five (5) years for the remodeling of every dwelling containing not more than two family units upon which the cost of remodeling is at least Two Thousand Rye Hundred Dollars ($2,500) as described in Division A of Section 3735.67. Section 4. That to ad minister and implement the provisions of this resolution, the Assistant Housing Commissioner of the Clty of Lakewood is designated as the Housing Officer as described in Sections 3735.65-66 of the Ohio Revised Code. Section 5. That a copy of this resolution will be forwarded to the Cuyahoga County Auditor by the Clerk of Council for informaUon and reference. Section 6. That Coundl reserves the right to re-evaluate the designation of "Community Reinvestment Area #1" after 3uly 1, 1979 at which time Coundi may direct the Housing Officer not to accept any new applications for tax abatement as described in Section 3735.67 of the Ohio Revised Code. FitzGera14, shall be and is hereby amended to read as follows: