Community Reinvestment Areas

Improvements resulting in real property tax increases may be eligible for tax exemptions within designated Community Reinvestment Areas.

Benefits:

Substantial real estate property tax reduction.

Eligibility:

Real property investment incentives are available for projects involving remodeling or new construction, local retail and service businesses, and residential renovations or new construction. Projects must be consistent with local zoning and community objectives for area development.

Community Reinvestment Areas created after 1994 require an agreement between the local jurisdiction and the investor prior to any commercial/industrial project commencement.

Rate/Terms:

The value of the incentive is negotiated individually for commercial and industrial projects, up to 100 percent exemption of the improved real property tax valuation for up to 15 years depending on the project. In some instances, local school board approval may be required.

1.

Serves as an approving Authority for the issuance of development (conduit) bonds.

2.

Represents jurisdictions in an agency role regarding the sale of publicly owned property.

3.

Develops and oversees an RFP process for the redevelopment of surplus public properties.

Apply To:

To benefit from a CRA, apply to the individual municipality or HCDC (for unincorporated areas). Investors meeting the local criteria must apply to the municipality or HCDC for the real property tax exemption.

Contact Harry Blanton at hblanton@alloydev.org or at  513-458-2230

or state contact: Ohio Development Services Agency at 614-466-4551 or 800-848-1300

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President & CEO of the Uptown Consortium, Inc., and Alloy Board Member