Ordinance 2014-51 - Laserfiche WebLink

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Substitute Exhibit B — August 5, 2014 For the purposes of the above described North Olmsted Community Reinvestment Area, structures exclusively used for residential purposes and composed of three (3) and fewer units shall be classified as residential structures. If remodeling qualifies for an exemption, during the period of the exemption, the exempted percentage of the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption the exempted percentage of the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation. Any residential tax exemption granted upon application and in effect prior to the date this Ordinance is approved shall remain in full force and effect until the expiration of the term for which it was granted under Chapter 171 of the Codified Ordinances as it existed prior to the date this Ordinance was approved. All commercial and industrial projects are required to comply with the state application fee requirements of ORC Section 3735.672 (C) and the local annual monitoring fee of one percent of the amount of taxes exempted under the agreement - a minimum of $500 up to a maximum of $2500 annually unless waived. The City of North Olmsted shall comply with ORC Section 5709.83, "Notice of Proposed Tax Exemptions to Boards of Education" prior to formally approving an agreement under ORC Section 3735.671 or prior to forwarding an application for a tax exemption for residential property under section 3735.67 of the Revised Code to the County Auditor / Fiscal Officer. 171.04 HOUSING OFFICER DESIGNATED To administer and implement the provisions of this Ordinance, the Commissioner of the Division of Building is designated as the Housing Officer as described in Sections 3735.65 through 3735.70. 171.05 NORTH OLMSTED COMMUNITY REINVESTMENT AREA HOUSING COUNCIL AND TAX INCENTIVE REVIEW COUNCIL ESTABLISHED The "North Olmsted Community Reinvestment Area Housing Council" is hereby created, consisting of two members appointed by the Mayor of the City of North Olmsted, two members appointed by the Council of the City of North Olmsted and one member appointed by the Planning and Design Commission of the City of North Olmsted. The majority of the members shall then appoint two additional members who shall be residents within the area. Terms of the members of the Council shall be for three years. An unexpired term resulting from a vacancy in the Council shall be filled in the same manner as the initial appointment was made. The Community Reinvestment Area Council shall make an annual inspection of the properties within the district for which an exemption has been granted under Section 3735.67 of the ORC. The Council shall also hear appeals under Section 3735.70 of the ORC.