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

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making up to 120% AMI at the time of the initial lease of each of such units (and upon the annual renewal of such lease term, as applicable): 1. 15-year duration at 100% exemption on the improved value of the new struc- tures only. 2. Baseline tax value shall be maintained for the entire term of abatement. Base- line Tax Value shall mean the Fiscal Officers determination of value as of January 1 of the year in which building permits are issued for the redevelopment project. 3. Taxes generated from land value are at the market rate and are not abated. 4. Exhibit B provides definitions and regulations of meeting the affordability re- quirements, and is incorporated herein and made a part hereof in its entirety. Section 4. 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 Revised Code will be granted to an individual purchaser as follows: A. The first two (2) years at One Hundred Percent (100%). B. The following three (3) years at Fifty Percent (50%). Section 5. 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 or by the individual property owner of the multi -family project where the improvement is made. Only one application per project for abatement shall be submitted for common areas of a 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. Section 2. To administer and implement the provisions of this resolution, the Assistant Housing Commissioner of the City of Lakewood is designated as the Housing Officer as described in Sections 3735.65-66 of the Ohio Revised Code. Section 3. The Housing Officer shall verify that all work has been completed under proper building permits and completed in compliance with all building codes, zoning codes and any other applicable laws. Section 4. The Community Reinvestment Area Housing Council shall hear all appeals un- der section 3735.70 of the Revised Code and meet no less than once annually to fulfill the duties imposed by Ohio Revised Code Section 3735.69. Section 5. Notwithstanding anything to the contrary in Section 5709.911 of the Ohio Re- vised Code, the abatement provided by Section 3 of Ordinance 5 5-04 shall be applied prior to the exemption from taxation provided by Ordinance No. 47-04 adopted by Council on June 7, 2004 (the "TIF Ordinance"), and this Council hereby authorizes the Mayor to consent in writing on behalf of the City to the prior application of the abatement provided by this resolution to property included within the incentive district created by the TIF Ordinance. 12777360 v4