8645-13 To Est. & Describe the Boundaries of a Community Re-Investment Area

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WHEREAS, the construction of new residential housing facilities in the Community Reinvestment Area constitutes a public purpose for which real property exemptions may be granted and is supported by the Survey; and WHEREAS, "baseline tax value" for purposes of this resolution shall mean in the case of an existing structure that is completely demolished in order to erect a new structure in its place within the Area, the Fiscal Officer's determination of value as of January 1 of the year in which the city's demolition permit was issued for the removal of that structure as part of the redevelopment project; and WHEREAS, Council requires, in partnership with and in support of the Lakewood City School District, that the baseline tax value of any exempted property within the Area shall be maintained for the duration of any abatement period; and WHEREAS, this Council by a vote of at least five (5) of its members determines that this resolution is an emergency measure, and that this resolution shall take effect at the earliest date possible as set forth in Article III, Sections 10 and 13 of the Second Amended Chatter of the City of Lakewood, and that it is necessary for the immediate preservation of the public property, health and safety, and to provide for the usual daily operation of municipal departments, in that this legislation is necessary for the timely encouragement of construction of new housing within the City; now, therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: SECTION 1. Based upon the aforesaid recommendations and the Survey, and on this Council's own knowledge of the facts and conditions existing in the proposed Community Reinvestment Area, this Council hereby finds and determines that the area to be designated as Community Reinvestment Area #4 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. SECTION 2. Pursuant to Section 3735.66 of the Ohio Revised Code, Community Reinvestment Area #4 is hereby established as that Area described and depicted in attached Exhibit A to the resolution. Only Qualified Residential Facilities, including condominiums, used consistent with the applicable zoning regulations within Community Reinvestment Area 44 will be eligible to apply for exemptions under this resolution, and commercial and industrial uses are not eligible to apply for exemptions under this resolution. As used in this resolution, "Qualified Residential Facilities" shall mean for -sale residential units in a Multiple Family High Density District and shall not include residential rental property. SECTION 3. Within Community Reinvestment Area #4, 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 Revised Code, the exemption periods shall not be more than ten (10) years.