§ 4565.03. Area designation.

(A)

The Director shall designate post-1994 CRAs as Market Ready Areas; Ready for Revitalization Areas; or Ready for Opportunity Areas.

1.

Market Ready Areas : The market-ready area designation for an area shall be reassessed every three (3) years.

2.

Ready for Revitalization Areas : The ready-for-revitalization area designation for an area shall be reassessed every three (3) years.

3.

Ready for Opportunity Areas : The ready-for-opportunity area designation for an area shall be reassessed every three (3) years.

(B)

One year prior to expiration of an area's designation, the Director shall assess the area and determine whether it shall retain its designation or receive a new designation. If the Director determines that the area should receive a new designation, the Director shall assign such new designation to be effective upon expiration of the area's existing designation.

(C)

The Director shall provide a report to Council upon designating an area. The report shall include the distress criteria for each area designated by the Director.

(D)

If any Community Reinvestment Area is created by Council, the Director shall designate the area and provide the report as required by this Section within thirty (30) days from Council's vote to establish the Community Reinvestment Area.

(E)

The Director shall provide to Council an annual report, no later than September 30 ^th of each calendar year, on the provision of real property tax abatements and affordable housing with each area for the prior year.

(Ord. No. 2184-2018 , § 1, 7-30-2018)