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WHEREAS, this Council by a vote of at least five (5) of its members determines that this <br />resolution is an emergency measure, and that this resolution shall take effect at the earliest date <br />possible as set forth in ARTICLE III, SECTONS 10 and 13 of the SECOND AMENDED <br />CHARTER OF THE CITY OF LAKEWOOD, and that it is necessary for the immediate <br />preservation of the public property, health and safety, and to provide for the usual daily operation <br />of municipal departments in that this legislation is necessary for the timely encouragement of <br />construction of new housing within the City. NOW, THEREFORE, <br />BE IT ORDAINED BY THE CITY OF LAKEWOOD, STATE OF OHIO: <br />SECTION 1. That, based upon the aforesaid recommendations and the Survey, and on this <br />Council's own knowledge of the facts and conditions existing in the proposed Community Reinvestment <br />Area, this Council hereby finds and determines that the area to be designated as Community <br />Reinvestment Area #4 constitutes an area in which housing facilities or structures of historical <br />significance are located, and in which new constmction or repair of existing facilities has been <br />discouraged. <br />SECTION 2. That, pursuant to Section 3735.66 of the Ohio Revised Code, Community <br />Reinvestment Area #4 is hereby established as that Area described and depicted in attached Exhibit A to <br />the Resolution. <br />Only Qualified Residential Facilities, including condominiums, used consistent with the <br />applicable zoning regulations within Community Reinvestment Area #4 will be eligible to apply for <br />exemptions under this Resolution, and commercial and industrial uses are not eligible to apply for <br />exemptions under this Resolution. As used in this Resolution, "Qualified Residential Facilities" shall <br />mean for-sale residential units in a Multiple Family High Density District and shall not include residential <br />rental. property. <br />SECTION 3. That within Community Reinvestment Area #4, new construction of residential <br />facilities, including Qualified Residential Facilities, is hereby declared to be public purposes and exempt <br />from real property taxation as provided herein and, in accordance with the procedures and requirements of <br />Section 3735.67 of the Ohio Revised Code, the exemption periods shall not more than ten (10) years. <br />SECTION 4. That the percentage of the tax exemption on the increase in the assessed valuation <br />resulting from improvements to Qualified Residential properties shall be between fifty percent (50%) and <br />one hundred percent (100%) after completion and application.. <br />SECTION 5. That 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 areas of <br />condominium buildings by the president of the association on behalf of the association, if the property is <br />titled to the association, or on behalf of the individual owners, if the property is titled to the individual <br />owners. <br />SECTION 6. That all projects in Community Reinvestment Area #4 seeking tax abatement <br />pursuant to this Resolution are required to comply with the State of Ohio application fee requirements of <br />Section 3735.672(C) of the Ohio Revised Code. <br />2 <br />