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