Explanation
Background: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
This Ordinance will amend Ordinance Number 0223-2004, the Gibbard Avenue Community Reinvestment Area (See Exhibit A) in order to continue to provide for real property tax exemptions for residentially zoned parcels within the expansion area, to conform to the current standards of review by the Ohio Department of Development by including updated language from the Ohio Revised Code, and to designate the Development Department's Housing Administrator as the CRA Housing Officer.
The Ordinance will allow the continued exemption from the increase in real property tax for new single family homes built on vacant lots and on the increase in valuation of existing single and multi-family housing units, resulting from renovation, within the established boundaries.
Emergency action is being requested so that current applications for residential tax abatement from eligible property owners in the area can be processed.
Fiscal Impact: No funding is required for this legislation.
Title
To amend Ordinance Number 0223-2004, the Gibbard Avenue Community Reinvestment Area, in order to continue real property tax exemptions as established in Section 3735.65 to 3735.70 of the Ohio Revised Code, and for the purpose of including language from the Ohio Revised Code as well as the inclusion of an additional Section designating the Development Department's Housing Administrator as the designated Housing Officer; and to declare an emergency.
Body
WHEREAS, the original Gibbard Avenue Community Reinvestment Area (CRA) that was established in 2004 by ordinance 0223-2004, has expired and incentives for continued residential development are necessary; and
WHEREAS, the State's Department of Development has requested the inclusion of language within Section 3735.67 of the Ohio Revised Code be added to relevant sections of all CRA ordinances in order to establish minimum...
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