(A) Real property and tangible personal property belonging to a charitable or educational institution or to the state or a political subdivision, shall be considered as used exclusively for charitable or public purposes by such institution, the state, or political subdivision, if it meets one of the following requirements:

1. (1) It is used by such institution, the state, or political subdivision, or by one or more other such institutions, the state, or political subdivisions under a lease, sublease, or other contractual arrangement:

   1. (a) As a community or area center in which presentations in music, dramatics, the arts, and related fields are made in order to foster public interest and education therein;
   2. (b) As a children's, science, history, or natural history museum that is open to the general public;
   3. (c) For other charitable, educational, or public purposes.
2. (2) It is made available under the direction or control of such institution, the state, or political subdivision for use in furtherance of or incidental to its charitable, educational, or public purposes and not with the view to profit.
3. (3) It is used by an organization described in division (D) of section 5709.12 of the Revised Code. If the organization is a corporation that receives a grant under the Thomas Alva Edison grant program authorized by division (C) of section 122.33 of the Revised Code at any time during the tax year, "used," for the purposes of this division, includes holding property for lease or resale to others.

(B)

1. (1) Property described in division (A)(1)(a) or (b) of this section shall continue to be considered as used exclusively for charitable or public purposes even if the property is conveyed through one conveyance or a series of conveyances to an entity that is not a charitable or educational institution and is not the state or a political subdivision, provided that all of the following conditions apply with respect to that property:

   1. (a) The property was listed as exempt on the county auditor's tax list and duplicate for the county in which it is located for the tax year immediately preceding the year in which the property is conveyed through one conveyance or a series of conveyances;

   2. (b) The property is conveyed through one conveyance or a series of conveyances to an entity that does any of the following:

      1. (i) Leases at least forty-five per cent of the property, through one lease or a series of leases, to the entity that owned or occupied the property for the tax year immediately preceding the year in which the property is conveyed or to an affiliate of that entity;
      2. (ii) Contracts, directly or indirectly to have renovations performed as described in division (B)(1)(d) of this section and is at least partially owned by a nonprofit organization described in section 501(c)(3) of the Internal Revenue Code that is exempt from taxation under section 501(a) of that code.
   3. (c) The property includes improvements that are at least fifty years old;
   4. (d) The property is being renovated in connection with a claim for historic preservation tax credits available under federal law;
   5. (e) A ll or a portion of the property continues to be used for the purposes described in division (A)(1)(a) or (b) of this section after its conveyance; and
   6. (f) The property is certified by the United States secretary of the interior as a "certified historic structure" or certified as part of a certified historic structure.
2. (2) Notwithstanding section 5715.27 of the Revised Code, an application for exemption from taxation of property described in division (B)(1) of this section may be filed by either the owner of the property or an occupant.

(C) For purposes of this section, an institution that meets all of the following requirements is conclusively presumed to be a charitable institution:

1. (1) The institution is a nonprofit corporation or association, no part of the net earnings of which inures to the benefit of any private shareholder or individual;
2. (2) The institution is exempt from federal income taxation under section 501(a) of the Internal Revenue Code;
3. (3) The majority of the institution's board of directors are appointed by the mayor or legislative authority of a municipal corporation or a board of county commissioners, or a combination thereof;
4. (4) The primary purpose of the institution is to assist in the development and revitalization of downtown urban areas.