Designation of a RRED Zone
To apply for designation of an RREDZ under ORS 285C.353, the city, county or multiple counties shall furnish the Department with:
A copy of the resolution(s) requesting designation duly adopted by each jurisdiction within the past six months, which among other things, would specify the designations exemption limitation amount under ORS 285C.353(4) as described OAR 123-680-1400;
Evidence of timely notice and communication with local taxing districts consistent with OAR 123-650-5500; and
A formal statement that specifies the following:
The county that will serve as the sponsor in the case of a multi-county RREDZ; and
The status of any previous or otherwise ongoing RREDZ designation in the jurisdiction(s), including but not limited to the unused portion of an exemption limitation for purposes of section (4) of this rule.
Subject to the accuracy and completeness of the furnished materials and any other information as the Department may request, as well as applicable laws and these administrative rules:
The Director will approve designation of the requested RREDZ; and
The Department shall issue documentation of the designation, including but not limited to establishing its:
Effective date, which may be as early as when the zone sponsor adopted its resolution in the case of a new RREDZ if so requested by the applicant; and
Exemption limitation amount.
Premature termination of the RREDZ under ORS 285C.245(3) to (5) shall occur only if the Director issues an order to that effect, such that with a multi-county RREDZ, all of the counties must adopt a resolution requesting termination under ORS 285C.245(4) not only the sponsor. The Director shall not approve any RREDZ that corresponds to one so terminated for the next 10 years.
If the application is for a subsequent additional designation corresponding to an existing RREDZ under ORS 285C.353(4)(b) and (c), then the existing RREDZ ceases, and the new designation replaces it, effective on January 1 directly following the last date on which a resolution of application was adopted, so that:
Any authorized business firm in the previously existing RREDZ belongs to the newly designated RREDZ for the initial qualification of any property first placed in service in an assessment year immediately preceding that January-1 date (regardless of the application of authorizations date of submission or approval); and
Any unused portion of the previous RREDZs exemption limitation under ORS 285C.353(4) ceases to exist, and only the new RREDZs exemption limitation, consistent with OAR 123-680-1400(3)(c), is available for future exemptions.