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HomeMy Public PortalAboutORD13792 BILL NO. 2004-86 SPONSORED BY COUNCILMEN BERRY, erauson, Harv_—and Martin ORDINANCE NO. I > f `( 1- AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, ENACTING THE "JEFFERSON CITY NEIGHBORHOOD REINVESTMENT ACT, PART I" BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, AS FOLLOWS: Section 1 . Title and Purpose. a. The title of this ordinance shall be the "Part One of the Jefferson City Neighborhood Reinvestment Act." b. Its primary purpose is to improve existing neighborhoods in greatest need within the City of Jefferson, by encouraging owner occupation of homes which have been vacant for a year or more, or which have been used for purposes other than single family owner occupied residences. The Act's other purposes include: increasing the value of properties eligible to participate in the programs offered by this ordinance, and increasing the value of other properties in the neighborhoods where participating properties are located; improving the residential real estate market within the City of Jefferson; and providing housing opportunities for young families, retired citizens, and people of modest incomes. Section 2. Definitions. a. The Term "Eligible Real Estate" as used in this ordinance shall be defined to mean real property situated entirely within the corporate limits of the City and which meets all of the following qualifications: i. Include one residential structure completed in 1950 or before; ii. Be purchased from a third party in a good faith arms-length transaction after the effective date of this ordinance and before five o'clock p.m., Decernber 31 , 2006; iii. Become occupied by the owner as the owner's primary residence after the effective date of this ordinance and before the owner makes application for any reimbursement authorized under this ordinance; iv. Be occupied by no more than a single family as that term is defined in Chapter 35 of the City Code; 1 V. Have been either vacant, or used for some purpose other than an exclusively owner occupied single family residence during the twelve months preceding the date of purchase; and vi. Have a fair market value of $50,000.00 or more at the time of purchase. b. The terrn "Eligible Real Estate Taxes" as used in this ordinance, shall mean all property tax paid on real property for a parcel of eligible real estate whether imposed or collected by the City of Jefferson, Cole County, the Jefferson City Public Schools, or any other taxing authority but shall not include taxes which became delinquent before being paid.. Section 3. Upon the receipt of a proper application, and certification by the Director of Finance of eligibility, the Director of Finance shall pay to the owner of a parcel of eligible real estate, an amount equal to all eligible real estate taxes paid by the owner on such eligible real estate for the previous tax year,. a. The Director of Finance shall establish the procedures for certifying properties eligible for tax reimbursement under this Section, including procedures for establishing the period of vacancy or prior use of any property being considered for participation in programs under this Act. b. The Director of Finance may conditionally certify properties eligible for tax reimbursement under this Section in advance of a prospective owner purchasing the property. C. The owner or owners may receive reimbursement for no more than five (5) tax years and no more than Two Thousand and no/100 Dollars ($2,000.00) for any one tax year. Section 4. Dates relevant to this ordinance are: a. The effective date of this ordinance shall be the date it is passed; b. The real estate tax reimbursement authorized by this ordinance shall apply with respect to eligible real estate taxes assessed in years 2005 and thereafter; C, The first year an owner may be eligible for the real estate tax reimbursement authorized by this ordinance shall be either the year in which the owner purchases and occupies the property as the owner's primary residence, or the following year, at the owner's election; d. For purposes of this ordinance, real estate shall be deemed to have been purchased on the date title was conveyed to the buyer from the seller; and t e. This ordinance shall apply only to property purchased on or before December 31 , 2006, unless extended by ordinance passed by the City Council. Seem 5. Conditions of eligibility shall also include the following: a. An owner may be an individual holding title as sole owner, a joint tenancy, tenancy by the entireties, tenants in common, or a trust, provided the primary beneficiaries of the trust and all members of other forms of tenancy or ownership occupy the property as a primary residency; b, Evidence of an owner's primary residence shall be established as the residence shown on an individual's federal income tax return; C. An owner must continue to occupy the property for the full five years during which the taxes are abated, unless one or more owners occupying the property shall die or become confined to a long-term residential health care facility before the end of the five year period: d. The total number of properties which can participate in the program authorized by this ordinance shall not exceed 100; e. The maximum annual tax reimbursement to which any owner shall be titled is $2,000.00. Sections Recapture. As a further condition to participating in the programs authorized by this ordinance, an owner of real estate shall agree to permit. the City to recapture the full amount of any tax reimbursements made under this ordinance if the owner ceases occupying the property as the owner's primary residence within five years of the date when the owner first becomes eligible to participate in the program. The owner shall further agree to permit the City to assert the amount of the full amount of the reimbursed taxes as a lien on the real estate. Section 9. This Ordinance shall be in full force and effect from and after the date of its passage and approval. Passed: . ' .__ �. ,, .1_� '� Approved: '� , .fi % '< ' •'�:? VPresiding Officer U Mayor ATTEST: APPROVED A T FORM: City Clerk City ounselor • 1