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Z30RTL{ STED COHMIINY"lX RE1NV'EST x ILRRA . <br />" ' - APPLYCATSOx FOR TAX E7CE1-iPTxON <br />The Narth Olmsted Coauaunl.ty Reinvest=ae.nt A3cea (the •`CRA") was. <br />estab2.ished by Ox-$inance Na. 91-175 adoptad by the City C.c3wnci.].- <br />on Februazy 18 , 1992. The purpase of the CY2A is to promote <br />uivest.ment within the City of Nort.h. Olzsted and encouxage the- <br />renodeling and corstzuation of cextain improvements too zGal estate <br />(a TM Proj ect") . Qualifying Pro j ects are • eliqible to have the raa 1 <br />property taxes abated for specified periods of itiiae. <br />ZNTRODIICTION <br />In oztiter ta be ' eligible, a Proj ect laust akeat cez-tain <br />requirements _ The follaring tab3.e sets fcax-th the type of <br />i?oaprovem?at, ?uirs?r..invun expendi?e necessary and maxa muxa ?exemptivn <br />period possible. <br />Mac3Mum ncMoptZa= <br />Tme _ of Xmprovement Wiaux E nditure pexic?d wrailable <br />i_ Remodel.ing o t <br />residentiai propezty <br />containing not more <br />than twa (z) family <br />units <br />$Z,500 <br />].a years <br />2. Reaiadeling of <br />residential propertx <br />centainxlag raaze than <br />twv (2) units, and <br />remodea. ing o f <br />commwrcial or <br />industzial praperties <br />3. Construction of <br />comntrcial or. <br />industrial properties, <br />excluding propex-ties <br />primar3,ly used in <br />making retail sales. <br />$5,000 <br />Nv minimum <br />12 yeazs <br />15 yezurs <br />PLF.ASE NOTE: TAX ABA2EMENT Is NOT AvAxLABLE FoR 2AE CoNSTRQCrIoN <br />• OF FACILITIES TAAT ARE IISED OR TO BE USED PItZMARIL7C FOR MAIQN'G <br />RF."TAYL SAY.ES,. ADnrrYOxArLY, THE PROPERrY TAX A.BATET? W=LY. APPZY <br />ONLY TO THE INCREASE IN MARRET VALIIE OF THE STRIICTLJRE AS A RESUY+T <br />OF THE PJM40DEI,2NG (IN THE CASE OF 1_ APID 2., ABOVE) OR THE MARJXT <br />VALUE OF NEW CONSTRUCTION (IIZ 'xHE CASE OF 3_ ABOVE) _ 2'H£ LAND AND <br />ANY EXISTING STRIICTO'RES WILL REMAYN SIIBJECT TO REAL PROpERTY <br />TAXATION. _ <br />An awnez of property seeking tax abatements for qualifyiri5 <br />Projects (the v'Applicant") may apply for the exemption fzam Z'eal <br />Page 2 of 6 "