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| To enact section 3735.674 of the Revised Code to | 1 |
| lengthen the period for which certain structures | 2 |
| in a Community Reinvestment Area may be exempted | 3 |
| from property taxation. | 4 |
| Section 1. That section 3735.674 of the Revised Code be | 5 |
| enacted to read as follows: | 6 |
| Sec. 3735.674. Notwithstanding anything to the contrary in | 7 |
| section 3735.67 of the Revised Code, a legislative authority | 8 |
| adopting a resolution under section 3735.66 of the Revised Code | 9 |
| may specify in the resolution that new structures shall be | 10 |
| exempted from property taxation for a period not exceeding thirty | 11 |
| years if all the following conditions are satisfied: | 12 |
| (A) The petition required by section 3735.66 of the Revised | 13 |
| Code is submitted to and approved by the director of development, | 14 |
| and construction of the new structures begins, before 2012. | 15 |
| (B) The new structures are for commercial or industrial uses | 16 |
| only. | 17 |
| (C) The total cost of construction of the new structures is | 18 |
| at least fifty million dollars. | 19 |
| (D) At least one hundred individuals are employed in the | 20 |
| construction of the structures, at least seventy-five per cent of | 21 |
| whom are residents of this state. | 22 |
| (E) At least seventy-five per cent of materials used in the | 23 |
| construction or remodeling are manufactured in this state or | 24 |
| supplied by persons whose principal place of business is in this | 25 |
| state. | 26 |
| (F) Once completed, the occupants of the new structures | 27 |
| employ a total of at least two hundred new full-time employees. | 28 |
| (G) The new structures are not occupied by any business or | 29 |
| other person that has reduced operations elsewhere in this state | 30 |
| within one year before or after first occupying the structure. If | 31 |
| any new structure specified in the resolution is occupied by a | 32 |
| business or other person that has reduced operations elsewhere in | 33 |
| this state within one year before or after first occupying the | 34 |
| structure, the exemption of that structure from taxation under | 35 |
| this section and section 3735.67 of the Revised Code is limited to | 36 |
| the fifteen-year term provided by division (D)(4) of section | 37 |
| 3735.67 of the Revised Code. | 38 |
| (H) An agreement is entered into by the legislative authority | 39 |
| and the owner of the property under section 3735.671 of the | 40 |
| Revised Code and the agreement incorporates the conditions | 41 |
| specified in this section, and the agreement is approved by the | 42 |
| board of education as provided in division (A)(1) of that section. | 43 |
| The terms of agreements specified in divisions (B) and (C) of that | 44 |
| section shall be modified as necessary to be consistent with this | 45 |
| section. | 46 |