To enact section 3735.674 of the Revised Code to lengthen the period for which certain structures in a Community Reinvestment Area may be exempted from property taxation.

Section 1.  That section 3735.674 of the Revised Code be enacted to read as follows:

Sec. 3735.674.  Notwithstanding anything to the contrary in section 3735.67 of the Revised Code, a legislative authority adopting a resolution under section 3735.66 of the Revised Code may specify in the resolution that new structures shall be exempted from property taxation for a period not exceeding thirty years if all the following conditions are satisfied:

(A) The petition required by section 3735.66 of the Revised Code is submitted to and approved by the director of development, and construction of the new structures begins, before 2012.

(B) The new structures are for commercial or industrial uses only.

(C) The total cost of construction of the new structures is at least fifty million dollars.

(D) At least one hundred individuals are employed in the construction of the structures, at least seventy-five per cent of whom are residents of this state.

(E) At least seventy-five per cent of materials used in the construction or remodeling are manufactured in this state or supplied by persons whose principal place of business is in this state.

(F) Once completed, the occupants of the new structures employ a total of at least two hundred new full-time employees.

(G) The new structures are not occupied by any business or other person that has reduced operations elsewhere in this state within one year before or after first occupying the structure. If any new structure specified in the resolution is occupied by a business or other person that has reduced operations elsewhere in this state within one year before or after first occupying the structure, the exemption of that structure from taxation under this section and section 3735.67 of the Revised Code is limited to the fifteen-year term provided by division (D)(4) of section 3735.67 of the Revised Code.

(H) An agreement is entered into by the legislative authority and the owner of the property under section 3735.671 of the Revised Code and the agreement incorporates the conditions specified in this section, and the agreement is approved by the board of education as provided in division (A)(1) of that section. The terms of agreements specified in divisions (B) and (C) of that section shall be modified as necessary to be consistent with this section.