94-079 Ordinance - Laserfiche WebLink

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f '~ .. THE CITY OF NORTH OLMSTED ORDINANCE NO. 94- 79 BY: Mayor Edward Boyle AN ORDINANCE AMENDING ORDINANCE NO. 91-175 ENTITLED "AN ORDINANCE ESTABLISHING A COMMUNITY REINVESTMENT AREA UNDER THE PROVISIONS OF SECTIONS 3735.65 THROUGH 3735.70, INCLUSIVE, OF THE OHIO REVISED CODE, DESIGNATING A HOUSING OFFICER, ESTABLISHING A COMMUNITY REINVESTMENT HOUSING COUNCIL, AND DECLARING AN EMERGENCY, AS AMENDED, " IN ORDER TO PERMIT MULTI-FAMILY DWELLINGS OF TEN UNITS OR MORE TO QUALIFY FOR TAX EXEMPTION, AND DECLARING AN EMERGENCY. WHEREAS, this Council, in accordance with the provisions of Section 3735.67(D) of the Ohio Revised Code, wishes to permit the construction of multi-family dwellings of ten units or more within the City to qualify for tax exemption under Ordinance No. 91-175, which provided for the creation of a community reinvestment area within the City of North Olmsted; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORTH OLMSTED, COUNTY OF CUYAHOGA AND STATE OF OHIO; Section 1. That Section 3 of Ordinance No. 91-175, which presently reads: "Within the North Olmsted Community Reinvestment Area, tax exemptions for improvements to real property within the meaning of ORC Section 3735.67(D) may, subject to compliance with Section 6 hereof, be granted pursuant to the following schedule: Activity Eligible for Exemption Term 1. Dwellings containing not more than two 10 yrs. family units upon which the cost of remodeling is at least two thousand five hundred dollars ($2,500.00) 2. Dwellings containing more than two family 12 yrs. units, and commercial and industrial properties upon which the cost of remodeling is at least five thousand dollars ($5,000.00)