Explanation
Background: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization.
On September 28, 1992, City Council adopted Resolution 171X-92, which created the Neilston Community Reinvestment Area, as later amended by Ordinance 1531-02, passed October 21, 2002, to create the Jeffrey Residential CRA. In 2003, City Council passed Ordinances 1715-2003 and 1773-2003 which created the Jeffrey Square Community Reinvestment Area. In order to further the goal of neighborhood revitalization and stabilization, this ordinance absorbs the existing Jeffrey Square Community Reinvestment Area into the Jeffrey Residential Community Reinvestment Area and this ordinance makes four additional changes to the Jeffrey Residential CRA: (1) eliminating the requirement to make payments in lieu of taxes (PILOTs) on parcels receiving property-tax exemptions under the CRA, (2) eliminating the requirement that property owners enter into an agreement with the City Housing Officer prior to seeking a real-property-tax exemption, (3) classifying improvements to apartments and multi-family housing as “residential” for the purposes of the CRA Program, and (4) authorizing the City Housing Officer to accept applications for real-property-tax exemptions through December 31, 2022.
This Ordinance will amend Resolution 171X-92 and Ordinance 1531-02 which created the Jeffrey Residential Community Reinvestment Area (see Exhibit B) in order to continue to provide for real property tax exemptions for parcels within the area. In order to further the goal of neighborhood revitalization and stabilization, this ordinance absorbs the existing Jeffrey Square Community Reinvestment Area passed by Ordinances 1715-2003 and 1773-2003 into the Jeffrey Residential Community Reinvestment Area.
The Ordinance will provide exemption from real property tax on the increased valuation due to remodeling of owner-occupied, rental and conversion housing and construction of new, owner-oc...
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