A ORDINANCE IMPLEMENTING SECTIONS 3735.65 THROUGH 3735.70 OF THE OHIO REVISED CODE ESTABLISHING AND DESCRIBING THE BOUNDARIES OF THE MANTUA VILLAGE COMMUNITY REINVESTMENT AREA IN MANTUA VILLAGE OHIO AND DESIGNATING A HOUSING OFFICER TO ADMINISTER THE PROGRAM AND CREATING A COMMUNITY REINVESTMENT HOUSING COUNCIL AND A TAX INCENTIVE REVIEW COUNCIL.
It was moved by __________________, and seconded by _______________________ that the following ordinance be adopted.
WHEREAS, the council of the Village of Mantua, Ohio desires to pursue all reasonable and legitimate incentive measures to assist and encourage development in specific areas of Mantua Village that have not enjoyed reinvestment by remodeling or new construction; and
WHEREAS, a survey of housing (see Exhibit A) as required by Ohio Revised Code (ORC) Section 3735.66 has been prepared for the area to be included in the proposed Community Reinvestment Area; and
WHEREAS, the maintenance of existing and construction of new structures in such area would serve to encourage economic stability, maintain real property values, and generate new employment opportunities; and
WHEREAS, the remodeling of existing structures or the construction of new structures in this Community Reinvestment Area constitutes a public purpose for which real property exemptions may be granted; now therefore be it
RESOLVED, by the council of the Village of Mantua, Ohio that:
Section 1: The area designated as the Mantua Village Community Reinvestment Area constitutes an area in which housing facilities or structures of historical significance are located, and in which new construction or repair of existing facilities has been discouraged:
Section 2: Pursuant to ORC Section 3735.66, the Mantua Village Community Reinvestment Area, is hereby established in the following described area:
Part of lot 0, Mantua Village, Portage County, Ohio
The Mantua Village Community Reinvestment Area includes the entire village, (see Exhibit B) and further depicted as the area enclosed within the bold line on the map attached to this ordinance, marked Exhibit C, and by this reference incorporated herein.
Only properties consistent with the applicable zoning regulations within the designated Community Reinvestment Area will be eligible for exemptions under this program.
Section 3: Only new structures or remodeling classified as residential, commercial or industrial or a combination thereof, and otherwise satisfying the requirements of Section 3735.67 of the Ohio Revised Code are eligible for exemption from taxation under that section in accordance to the following schedule:
| Project | Percent Exemption | Number of Years |
| Residential Remodeling (2 units or less; minimum $2500) | Up to 100% Need to set percent | Up to 10 Years Need to set # of years |
| Residential Remodeling (more than 2 units), (minimum 5000) | Up to 100% Need to set percent | Up to 12 Years Need to set # of years |
| Commercial and Industrial Remodeling (minimum $5000) | *Up to 100% Negotiated | *Up to 12 Years Negotiated |
| New Construction Residential, Commercial and Industrial | *Up to 100% Negotiated | *Up to 15 Years Negotiated |
Section 4: Within the Community Reinvestment Area, the percentage of the tax exemption on the increase in the assessed valuation resulting from improvements to commercial and industrial real property and the term of those exemptions shall be negotiated on a case-by-case basis in advance of construction or remodeling occurring according to the rules outlined in the ORC Section 3765.67. The results of the negotiation as approved by this Council will be set in writing in a Community Reinvestment Area Agreement as outlined in ORC Section 3735.671.
If remodeling qualifies for an exemption, during the period of the exemption, the dollar amount of the increase in market value of the structure shall be exempt from real property taxation. If new construction qualifies for an exemption, during the period of the exemption the structure shall not be considered to be an improvement on the land on which it is located for the purpose of real property taxation.
Section 5: All commercial and industrial projects are required to comply with the state application fee requirements of ORC Section 3735.672 (C) $750.00. and the local annual monitoring fee of $500.00
Section 6: To administer and implement the provisions of this Resolution, ________________________, is designated as the Housing Officer as described in Sections 3735.65 through 3735.70.
Section 7: That a “Community Reinvestment Area Housing Council” shall be established pursuant to Ohio Revised Code Section 3735.69. Terms of the members of the Council shall be for three years. An unexpired term resulting from a vacancy in the Council shall be filled in the same manner as the initial appointment was made.
A Tax Incentive Review Council shall be established pursuant to ORC Section 5709.85. The Tax Incentive Review Council shall review annually the compliance of all agreements involving the granting of exemptions for commercial or industrial real property improvements under Section 3735.671 of the ORC and make written recommendations to the Council of the Village of Mantua as to continuing, modifying or terminating said agreement based upon the performance of the agreement.
Section 8: The Council of the Village of Mantua reserves the right to re-evaluate the designation of Mantua Village Community Reinvestment Area after December 31, 2006, at which time the Council of the Village of Mantua may direct the Housing Officer not to accept any new applications for exemptions as described in Section 3735.67 of the ORC.
Section 9: The Community Reinvestment Area Council shall make an annual inspection of the properties within the district for which an exemption has been granted under Section 3735.67 of the ORC. The council shall also hear appeals under 3735.70 of the ORC.
Section 10: The Council of the Village of Mantua hereby finds and determines that all formal actions of this Council concerning and relating to the adoption of this resolution were taken in an open meeting of this Council and that all deliberations of this Council that resulted in this formal action was in a meeting open to the public in compliance with the law including Section 121.22 of the ORC.
Section 11: That this resolution shall take effect and be enforce from and after the earliest period allowed by law and upon confirmation by the Director of Development of the findings in this resolution.
Section 12: The Mayor of the Village of Mantua is hereby directed and authorized to petition the Director of Development to confirm the findings contained within this ordinance.
| Adopted:________________________
Effective:________________________ Attest:________________________
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Approved:________________________
By:________________________
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I, __________Clerk of the Council of the Village of Mantua do hereby certify that the foregoing is a true and correct copy of a ordinance of the Council of the Village of Mantua duly adopted --_________________, 2004 and appearing upon the official records of said Mantua Council.
1st Reading: _________
2nd Reading: _________
3rd Reading: _________
Approved as to be Legal Form by:
___________________________
David M. Benjamin, Village Solicitor