Ohio § 1724.02

§ 1724.02.

(A) In furtherance of the purposes set forth in section 1724.01 of the Revised Code , a community improvement corporation shall have the following powers: (1)(a) To borrow money for any of the purposes of the community improvement corporation

by means of loans, lines of credit, or any other financial instruments or securities,

including the issuance of its bonds, debentures, notes, or other evidences of indebtedness,

whether secured or unsecured, and to secure the same by mortgage, pledge, deed of

trust, or other lien on its property, franchises, rights, and privileges of every

kind and nature or any part thereof or interest therein;  and (b) If the community improvement corporation is a county land reutilization corporation,

the corporation may request, by resolution: (i) That the board of county commissioners of the county served by the corporation pledge

a specifically identified source or sources of revenue pursuant to division (C) of section 307.78 of the Revised Code as security for such borrowing by the corporation;  and (ii)(I) If the land subject to reutilization is located within an unincorporated area of

the county, that the board of county commissioners issue notes under section 307.082 of the Revised Code for the purpose of constructing public infrastructure improvements and take other

actions as the board determines are in the interest of the county and are authorized

under sections 5709.78 to 5709.81 of the Revised Code or bonds or notes under section 5709.81 of the Revised Code for the refunding purposes set forth in that section;  or (II) If the land subject to reutilization is located within the corporate boundaries of

a municipal corporation, that the municipal corporation issue bonds for the purpose

of constructing public infrastructure improvements and take such other actions as

the municipal corporation determines are in its interest and are authorized under sections 5709.40 to 5709.43 of the Revised Code . (2) To make loans to any person, firm, partnership, corporation, joint stock company,

association, or trust, and to establish and regulate the terms and conditions with

respect to any such loans;  provided that an economic development corporation shall

not approve any application for a loan unless and until the person applying for said

loan shows that the person has applied for the loan through ordinary banking or commercial

channels and that the loan has been refused by at least one bank or other financial

institution.  Nothing in this division shall preclude a county land reutilization corporation

from making revolving loans to community development corporations, private entities,

or any person for the purposes contained in the corporation's plan under section 1724.10 of the Revised Code . (3) To purchase, receive, hold, manage, lease, lease-purchase, or otherwise acquire and

to sell, convey, transfer, lease, sublease, or otherwise dispose of real and personal

property, together with such rights and privileges as may be incidental and appurtenant

thereto and the use thereof, including but not restricted to, any real or personal

property acquired by the community improvement corporation from time to time in the

satisfaction of debts or enforcement of obligations, and to enter into contracts with

third parties, including the federal government, the state, any political subdivision,

or any other entity.  A county land reutilization corporation shall not acquire an interest in real property

if such acquisition causes the number of occupied real properties held by the corporation

to exceed the greater of either fifty properties or twenty-five per cent of all real

property held by the corporation for reutilization, reclamation, or rehabilitation.  For the purposes of this division, “ occupied real properties ” includes all real properties that are not unoccupied as that term is defined in section 323.65 of the Revised Code . (4) To acquire the good will, business, rights, real and personal property, and other

assets, or any part thereof, or interest therein, of any persons, firms, partnerships,

corporations, joint stock companies, associations, or trusts, and to assume, undertake,

or pay the obligations, debts, and liabilities of any such person, firm, partnership,

corporation, joint stock company, association, or trust;  to acquire, reclaim, manage,

or contract for the management of improved or unimproved and underutilized real estate

for the purpose of constructing industrial plants, other business establishments,

or housing thereon, or causing the same to occur, for the purpose of assembling and

enhancing utilization of the real estate, or for the purpose of disposing of such

real estate to others in whole or in part for the construction of industrial plants,

other business establishments, or housing;  and to acquire, reclaim, manage, contract

for the management of, construct or reconstruct, alter, repair, maintain, operate,

sell, convey, transfer, lease, sublease, or otherwise dispose of industrial plants,

business establishments, or housing. (5) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge, or

otherwise dispose of the stock, shares, bonds, debentures, notes, or other securities

and evidences of interest in, or indebtedness of, any person, firm, corporation, joint

stock company, association, or trust, and while the owner or holder thereof, to exercise

all the rights, powers, and privileges of ownership, including the right to vote therein,

provided that no tax revenue, if any, received by a community improvement corporation

shall be used for such acquisition or subscription. (6) To mortgage, pledge, or otherwise encumber any property acquired pursuant to the

powers contained in division (A)(3), (4), or (5) of this section. (7) Nothing in this section shall limit the right of a community improvement corporation

to become a member of or a stockholder in a corporation formed under Chapter 1726.

of the Revised Code. (8) To serve as an agent for grant applications and for the administration of grants,

or to make applications as principal for grants for county land reutilization corporations. (9) To exercise the powers enumerated under Chapter 5722. of the Revised Code on behalf

of a county that organizes or contracts with a county land reutilization corporation. (10) To engage in code enforcement and nuisance abatement, including, but not limited

to, cutting grass and weeds, boarding up vacant or abandoned structures, and demolishing

condemned structures on properties that are subject to a delinquent tax or assessment

lien, or property for which a municipal corporation or township has contracted with

a county land reutilization corporation to provide code enforcement or nuisance abatement

assistance. (11) To charge fees or exchange in-kind goods or services for services rendered to political

subdivisions and other persons or entities for whom services are rendered. (12) To employ and provide compensation for an executive director who shall manage the

operations of a county land reutilization corporation and employ others for the benefit

of the corporation as approved and funded by the board of directors.  No employee of the corporation is or shall be deemed to be an employee of the political

subdivision for whose benefit the corporation is organized solely because the employee

is employed by the corporation. (13) To purchase tax certificates at auction, negotiated sale, or from a third party who

purchased and is a holder of one or more tax certificates issued pursuant to sections 5721.30 to 5721.43 of the Revised Code . (14) To be assigned a mortgage on real property from a mortgagee in lieu of acquiring

such real property subject to a mortgage. (15) To act as a portal operator for purposes of an OhioInvests offering under sections 1707.05 to 1707.058 of the Revised Code . (16) To do all acts and things necessary or convenient to carry out the purposes of section 1724.01 of the Revised Code and the powers especially created for a community improvement corporation in Chapter

1724. of the Revised Code, including, but not limited to, contracting with the federal

government, the state or any political subdivision, a board of county commissioners

pursuant to section 307.07 of the Revised Code , a county auditor pursuant to section 319.10 of the Revised Code , a county treasurer pursuant to section 321.49 of the Revised Code , and any other party, whether nonprofit or for-profit.  An employee of a board of county commissioners, county auditor, or county treasurer

who, pursuant to a contract entered into in accordance with section 307.07 , 319.10 , or 321.49 of the Revised Code , provides services to a county land reutilization corporation shall remain an employee

of the county during the provision of those services. (B) The powers enumerated in this chapter shall not be construed to limit the general

powers of a community improvement corporation.  The powers granted under this chapter are in addition to those powers granted by

any other chapter of the Revised Code, but, as to a county land reutilization corporation,

shall be used only for the purposes enumerated under division (B)(2) of section 1724.01 of the Revised Code . (C) Ownership of real property by an economic development corporation does not constitute

public ownership unless the economic development corporation has applied for and been

granted a tax exemption for the property under section 5709.08 of the Revised Code .