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 that expand the geographic size of a community reinvestment area, increase property tax exemptions, extend the duration of tax exemptions, and change eligibility requirements for tax exemptions. Additionally, it specifies that certain modifications, such as restricting tax exemptions or requiring affordable housing agreements, do not count as amendments.

Furthermore, the bill stipulates that the amendments or enactments from a previous act do not apply to the first four amendments made by a municipal corporation under section 3735.66, provided the municipality is classified as an impacted city. This ensures that municipalities can operate under the previous regulations when making these amendments, thereby providing them with greater flexibility in managing community reinvestment areas. The existing section 3735.661 is repealed, indicating a complete overhaul of the previous legal framework.

Statutes affected:
As Introduced: 3735.661