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HomeMy Public PortalAboutORD14296 SUBSTITUTE • BILL NO. 2007-124 SPONSORED BY COUNCILMAN Ron Medin ORDINANCE NO. 8 6 AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, RE-ENACTING THE "JEFFERSON CITY NEIGHBORHOOD REINVESTMENT ACT, PART I", AND AUTHORIZING A SUPPLEMENTAL APPROPRIATION WITHIN THE GENERAL FUND. BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI, A FOLLOWS: Section 1. Title and Purpose a. The title of this ordinance shall be "Part One of the City of 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, 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 means. Section 2. Definitions. a. The term "Eligible Real Estate" as used in this ordinance shall be defined to mean real estate situated entirely within the corporate limits of the City and which meets all of the following qualifications: i. The residential structure is located on the real property built before December 31, 1950; ii. The real property was purchased from a third party in a good faith, • arms-length transaction after December 31, 2006; SUBSTITUTE . iii. The residential structure on the real property is occupied by the owner as theowner's primary residence after December 31, 2006 and the owner makes application for any reimbursement authorized under this ordinance within thirty (30) calendar days following the end of the calendar year during which the property was purchased; iv. The residential structure on the real property is occupied by no more than "a single family" as that term is defined in Chapter 35 of the City Code; V. The residential structure on the real property has either been vacant, or used for some other purpose other than an exclusively owner- occupied single family residence during the twelve months preceding the date of purchase; vi. The real property including the residential structure has a fair market value of $50,000.00 or more at the time of purchase. b. The term"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, imposed or collected by the City of Jefferson, Cole County, Jefferson City • Public Schools, or any other taxing authority but shall not include taxes which became delinquent before being paid. Section 3. Upon receipt of a property application and certification by the Director of Finance of eligibility,the Director of Finance shall pay 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 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(s) 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. SUBSTITUTE • 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 2007 and thereafter; C. The first year an owner may be eligible for 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 e. This ordinance shall apply only to property purchased after December 31, 2006. Section 5. Conditions of eligibility. • 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 residence; b. Evidence of an owner's primary residence shall be established as the residence shown on an individual's federal 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 maximum annual tax reimbursement to which any owner shall be entitled is $2,000.00 e. No more than ten (10) parcels of real estate shall be accepted and certified during any one calendar year Eligible Real Estate. Section 6. Recapture. • As a further condition to participating in the program authorized by this ordinance, the owner of real estate shall agree to permit the City to recapture the full amount SUBSTITUTE 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 full amount of the reimburses taxes as a lien on the real estate. Section 7. There is hereby supplementaily appropriated within the General Fund, Eight Thousand and no/100 Dollars ($8,000.00) in the Neighborhood Reinvestment Act line item 1000-1800-2600-0000. Section -78. This ordinance shall be in full force and effect from and after the date of its passage and approval. ! �' Passed: 0-ez, l 7, o��� Approved: � 1,k �D v "7 Pre ' in Officer Mayor • ATT ST: APP ED S TO FORM:. Ci Clerk City Counselor CERTIFICATION BY MAYOR Pursuant to Article VII, Section 7.1(5.) Of the Charter of the City of Jefferson, Missouri, I hereby certify tha!jhe sums appropriated in the ordinance are available in the various funds to t the r q fements of this bill. Mayor