1991 051 Ordinance - Laserfiche WebLink

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ORDINANCE NO. 91-51 PAGE 3 (B) Sixty-Six and two-thirds percent (66 2/3%) of the assessed value of any remodeling of dwellings containing not more than two family units, located within the Community Reinvestment Area and upon which the cost of remodeling is at least $2,500 is hereby declared to be a public purpose and exempt from real property taxation for the first ten years commencing in the year following the calendar year in which certification is made to the County Auditor by the Housing Officer as set forth in Section 3735.67 of the Ohio Revised Code. (C) Sixty-Six and two-thirds percent (66 2/3%) of the assessed value of any remodeling of dwellings containing more than two units, and commercial or industrial properties located within the Community Reinvestment Area, and upon which the cost of remodeling is at least $5,000, is hereby declared to be a public purpose and exempt from real property taxation for the first twelve years commencing in the year following the calendar year in which a certification is made to the County Auditor by the Housing Officer as set forth in Section 3735.67 of the Ohio Revised Code. SECTION 4. That a Community Reinvestment Area Housing Council shall be appointed for Community Reinvestment Area and such Housing Council shall be composed of two members to be appointed by the Mayor, two members to be appointed by this Council, and one member to be appointed by the Planning Commission of the Village, which appointments are hereby authorized to be made, and such members when appointed are further authorized in turn to appoint two additional members, who are residents of the Municipality. Such members shall serve for a period of three years, and shall make an annual inspection of the properties within the Community Reinvestment Area for which an exemption has been granted, and otherwise carry out the requirements of the Community Reinvestment Area Program. SECTION S. That a copy of this Ordinance shall be forwarded to the Cuyahoga County Auditor; and that a copy of this Ordinance shall be published in a newspaper of general circulation in the Village once a week for two consecutive weeks immediately following its adoption. SECTION 6. That this Council reserves the right to re- evaluate the Community Reinvestment Area after December 31, 1995, at which time the Council may direct the Housing Officer not to accept any new applications for real property tax exemptions as described in Ohio Revised Code Section 3735.67, with respect to any additional construction or rehabilitation thereafter commenced in the Community Reinvestment Area.