The bill amends section 3735.661 of the Revised Code to expand the ability of certain municipalities to amend pre-1994 community reinvestment areas. It introduces new definitions for amendments, allowing for up to four amendments instead of two, and clarifies that these amendments can include modifications such as expanding the geographic size of a community reinvestment area, increasing the exempted percentage of assessed valuation for properties, extending the duration of tax exemptions, and changing eligibility requirements for tax exemptions.

Additionally, the bill specifies that certain modifications do not count as amendments, such as those that restrict tax exemptions or require property owners to provide affordable housing units. It also states that the amendments made by this bill will not be subject to the changes enacted by a previous act (Am. Sub. S.B. 19 of the 120th general assembly) if the amendments are made by a municipal corporation defined as an impacted city. The existing section 3735.661 is repealed, and the new provisions take effect.

Statutes affected:
As Introduced: 3735.661