Explanation
The goal of a Community Reinvestment Area (CRA) is neighborhood revitalization and stabilization. This ordinance amends ordinance 0709-2014 to expand the boundaries and eligible properties of the Easton Square Place CRA. This ordinance authorizes a 10-year, 100% property tax abatement for new construction and renovation of two or fewer units that are residential and new commercial (non-retail business or industrial) structures and a 12 year 100% property tax abatement for renovation of more than two units that are residential parcels within the Easton Square Place CRA. For purposes of the residential tax abatement, any improvement primarily comprised of dwelling units shall be considered a residential use eligible for the tax abatement, including, without limitation, attached and detached single family residences, residential condominiums, multi-family apartments, and other multiple-unit structures. A housing survey for the Easton Square Place CRA has been conducted and the findings of the housing survey are attached hereto as Exhibit B
FISCAL IMPACT: No funding is required for this legislation.
Title
To expand the Easton Square Place Community Reinvestment Area, to authorize real property tax exemptions as established in Section 3735.65 to 3735.70 of the Ohio Revised Code.
Body
WHEREAS, this Council, on August 3, 1978, adopted Ordinance No. 1698-78, authorizing the Department of Development to implement a Community Reinvestment Area Program pursuant to Ohio Revised Code Sections 3735.65 et seq. and approved certain administrative procedures for the program; and
WHEREAS, this Council by Ordinance 0110X-2007, adopted on July 16, 2007 (the “2007 CRA Ordinance”), created the Easton Square Place Community Reinvestment Area, number 049-18000-15 (the “Original Easton Square Place CRA”), to offer certain incentives for the purposes stated therein; and
WHEREAS, this Council, on March 31, 2014, adopted Ordinance No. 0709-2014 (the “2014 CRA Ordi...
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