Ordinance 2014-51 - Laserfiche WebLink

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Substitute Exhibit B — August 5, 2014 new territory within the corporate limits of the City, Council may include such new territory into the North Olmsted Community Reinvestment Area if Council has made the findings and determinations required by Ohio R.C. 3735.65 with respect to such new territory. The area designated as the North Olmsted Community Reinvestment Area constitutes an area in which housing facilities are located and in which new construction or repair of existing facilities has been discouraged for reasons beyond the control of the City of North Olmsted. Only residential, commercial and/or industrial properties consistent with the applicable zoning regulations within the designated Community Reinvestment Area will be eligible for exemptions under this Program. All properties or parcels of land within the corporate limits of the City, being within the North Olmsted Community Reinvestment Area, are eligible for this incentive. This proposal is a public /private partnership intended to promote and expand conforming uses in the designated area. As part of the project, the City of North Olmsted intends to undertake supporting public improvements in the City. 171.03 TAX EXEMPTIONS Within the North Olmsted Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property and the term of those exemptions shall be negotiated on a case -by -case basis in advance of construction or remodeling occurring according to the rules outlined in the ORC Section 3765.67. The results of the negotiation as approved by this Council will be set in writing in a North Olmsted Community Reinvestment Area Agreement as outlined in ORC Section 3735.671. For residential property, a tax exemption on the increase in the assessed valuation resulting from the improvements as described in ORC Section 3735.67 shall be granted upon application by the property owner and certification thereof by the designated Housing Officer for the following periods. a. Ten (10) years, for the construction of dwellings containing not more than three housing units, as described in ORC Section 3735.67, with such exemption being seventy -five percent (75 %) for each of the ten (10) years. b. Up to, and including, twelve (12) years, and up to, and including, one hundred percent (100 %) for the remodeling of existing commercial and industrial facilities and upon which the cost of remodeling is at least $5,000, as described in ORC Section 3735.67, the term and percentage of which shall be negotiated on a case -by -case basis in advance of remodeling occurring. c. Up to, and including, fifteen (15) years, and up to, and including, one hundred percent (100 %) for the construction of new commercial or industrial facilities, the term and percentage of which shall be negotiated on a case -by -case basis in advance of construction occurring.