2019-08 - Amend Ord. 58-04 regarding Community Reinvestment Area

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WHEREAS, the construction of new affordable residential housing facilities and mixed - use projects in the Community Reinvestment Area constitutes a public purpose for which real property tax exemptions may be granted; and WHEREAS, as set forth in Section 2.12 of the Third Amended Charter of the City of Lake- wood, this Council by a vote of at least two thirds of its members determines that this resolution is an emergency measure and that it shall take effect immediately, 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 this legislation is necessary for the timely encour- agement of construction of new housing within the City; now, therefore, BE IT RESOLVED BY THE CITY OF LAKEWOOD, OHIO: Section 1. Sections 1, 2, 3 and 4 of Ordinance No 58-04, adopted July 6, 2004, 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" and "Community Reinvestment Area #2." Within Community Reinvestment Area #1 and Commu- nity Reinvestment Area #2, construction of new housing and repair of existing facilities or structures are discouraged without the City providing for assistance as herein provided. Section 2. That "Community Reinvestment Area #1" includes the entire City of Lakewood. Within "Community Reinvestment Area #1," tax abatement for im- provements to real property as described in Section 3736.67 of the Ohio Revised Code will be granted as follows: A. For the remodeling of every dwelling containing not more than two family units, including individual condominium units: 1. Five (5) years, upon which the cost of remodeling is at least Two Thousand Five Hundred Dollars ($2,500) but less than Ten Thousand Dollars ($10,000). 2. Ten (10) years, upon which the cost of remodeling is Ten Thousand Dollars ($10,000) or more. B. For the remodeling of every common area of a condominium building contain- ing more than two units: 1. Five (5) years, upon which the cost of remodeling is at least Five Thousand Dollars ($5,000) but less than One Million Dollars ($1,000,000). 2. Ten (10) years, upon which the cost of remodeling is Ten Thousand Dollars ($10,000) or more. Section 3. That "Community Reinvestment Area #2" includes census tracts 1606.02 and 1617. Within "Community Reinvestment Area #2," tax abatement for new residential construction as described in Section 3736.67 of the Ohio Re- vised Code will be granted to an individual purchaser as follows: a. The first two (2) years at One Hundred Percent (100% 12777360 v4