Explanation
BACKGROUND: The goal of a Community Reinvestment Area is neighborhood revitalization and stabilization
This Ordinance will amend the AC Humko Community Reinvestment Area, created by Ordinance 1841-2005, passed by City Council on November 14, 2005, and amended by Ordinance 1913-2008, passed by City Council on December 8, 2008, to provide for real property tax exemptions for residentially-zoned parcels within the area.
Emergency action is requested so that current residential tax abatement applications from eligible property owners can continue to be eligible.
FISCAL IMPACT: No funding is required for this legislation.
Title
To amend the AC Humko Community Reinvestment Area to authorize real property tax exemptions as established in the Ohio Revised Code; and to declare an emergency.
Body
WHEREAS, Ordinance 1841-2005 passed November 14, 2005 creating the AC Humko Community Reinvestment Area (CRA); and
WHEREAS, Ordinance 1913-2008, passed December 8, 2008, to extend the completion date for the AC Humko CRA to December 31, 2015; and
WHEREAS, the slow recovery of the housing market has prevented the project from being completed by the previously established deadline although the developer believes that the project will be complete within the next few years; and
WHEREAS, the tax incentive provided is still a necessary component of the project so extension of the completion deadline will facilitate prompt completion of the project; and
WHEREAS, an updated survey of housing (Exhibit A) and list of parcels (Exhibit C) as required by Ohio Revised Code (ORC) Section 3735.66 has been prepared and included in this proposed Community Reinvestment Area; and
WHEREAS, the continued remodeling of existing buildings for residential use and construction of new residential structures in this Community Reinvestment Area would serve to encourage economic stability and maintain real property values; and
WHEREAS, an emergency exists in the usual daily ope...
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