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

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b. The following three (3) years at Fifty Percent (50% Section 4. 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. On It one application per 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. shall be and are hereby replaced, amended and restated in their entirety to read 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, constitutes an area in which housing facilities or struc- tures of historical significance are located, and in which new construction or repair of existing facilities has been discouraged. Section 2. That within Community Reinvestment Area 1, new construction of residential facilities, including Qualified Residential Facilities and Development Projects, is hereby declared to be public purposes and exempt from real property taxation as provided herein and, in accordance with the procedures and require- ments of Section 3735.67 of the Ohio Revised Code, the exemption periods shall be for not more than the periods described in Section 3. Section 3. 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 ($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 One Million Dollars ($1,000,000) or more. C. For the new construction of multi -family residential Development Projects, of 100 or more units, that include a minimum of i) 10% of the units set aside for rental to Households making up to 80% Area Median Income (AMI) at the time of the initial lease of each of such units (and upon the annual renewal of such lease term, as applicable) and ii) 10% of the units set aside for rental to Households 12777360 v4