Explanation
Background: The AC Humko Community Reinvestment Area (see Exhibit A) was created by Ordinance No. 1841-2005 passed by City Council on November 14, 2005, in order to incentivize the new construction of approximately 300 single-family residential units. The CRA authorizes a real property tax incentive of 75% for 10 years on those residential units.
The attached Ordinance amends Ordinance No. 1841-2005 to extend, from December 31, 2009, to December 31, 2015, (i) the date by which new construction work must be completed on certain parcels within the AC Humko CRA in order to qualify for the CRA exemption and (ii) the date after which Council reserves the right to reevaluate the designation of the CRA for that real property. The attached Ordinance also makes certain technical amendments to Ordinance No. 1841-2005 to assure each new single-family residential unit receives upon its completion the intended exemption of 75% for 10 years.
Fiscal Impact: No funding is required for this legislation.
Title
To amend Ordinance No. 1841-2005 creating the AC Humko Community Reinvestment Area to extend the date by which new construction work on certain real property within that area must be completed in order to qualify for the CRA exemption and to make technical amendments to the terms of the exemption for certain real property within that area.
Body
WHEREAS, pursuant to Sections 3735.65 through 3735.70 of the Ohio Revised Code, this Council passed Ordinance No. 1841-2005 on November 14, 2005 (the "CRA Ordinance"), to authorize real property tax exemptions of 75% for a term of ten (10) years for newly constructed single-family residences (the "CRA Exemption") on certain parcels of real property known as the former AC Humko site within the Harrison West neighborhood (the "AC Humko CRA") to encourage residential growth within that AC Humko CRA; and
WHEREAS, pursuant to the CRA Ordinance, this Council granted the CRA Exemption only f...
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