2023-002 Ordinance - Laserfiche WebLink

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Ohio R.C. 3735.67. The results of the negotiation as approved by this Council will beset in writing in a North Olmsted Community Reimestmcnt Arca Agreement as outlined in Ohio R.C. 3735.671, Forresident�" A lax exemption on the increase in the assessed valuation resulting from the improvements as described in Ohio R.C. 3735.67 shall be granted upon application by the property owner and certification thereof by the designated Housing OBlecr for the following periods. (1) Ten (10) years, for the n ( f.l.. e11in.....onta:n'........(.....re than three4X) hOUSFHg UHRS, HS deseFibed in ORC Seetion 3735.67, With L;Ueh exemption being •. five —pereent(1,01,r) for eueh of the ten (10) )earn (12) Up to, and including. tweke (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 [cast five thousand dollars ($5.000), as described in Ohio R.C. 3735.67, the term and percentage of which shall be neeotiated on a case-by-case basis in advance of remodeling occurring. (23) Up to, and including, fifteen ( 15) years. and up to. and including. one hundred percent (100'70) 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. struetures eXelUS*jreIN used for residential purposes and etimpused HIF three (3) H"d feiii e (b) H remodeling qualities 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 properly taxation. If new construction qualifies lilt an exemption, during the period of the exemption the exempted percentage of the structure shall not be considered to be an impnrvement on the land on which it is located for the purpose of real property taxation. (c) Any residential lax exemption granted upon application and in effect prior to the date this chapter is approved shall remain in fall force and cfYcct 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 chapter was approved. (d) All commercial and industrial projects are required to comply with the state application fee requirements of Ohio R.C. 3735.672 (C) and the local annual monitoring Ice of one percent (1 %) of the amount of taxes exempted under the agreement - a minimum of five hundred dollars ($500.00) up to a maximum of two thousund like hundred dollars ($2500) annually unless waived. (e) the City of North Olmsted shall compIN with Ohio R.C. 5709.93. "Notice of Proposed Tax Exemptions to Boards of Lducalion" prior to formally approving an agreement under Ohio R.C. 3735.671 or prior to lorwarding an application for a lax exemption for residential property' under Ohio R.C. 3735.67 to the Counh Auditor! Discal Officer.