Label
Designating Birckhead Place CRA
Department of Economic Development
B. Sehlhorst (x1692)
Title
Designating the Birckhead Place Community Reinvestment Area as a Community Reinvestment Area; authorizing tax exemptions for remodeling and new construction; authorizing the Department of Economic Development to carry out a Community Reinvestment Program within the Birckhead Place Community Reinvestment Area; designating the Director of the Department of Economic Development as Housing Officer; approving certain administrative procedures for the establishment of the Birckhead Place Community Reinvestment Area pursuant to Ohio Revised Code ?? 3735.65 through 3735.70 as amended; making certain findings with respect thereto; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
The Ohio Community Reinvestment Area program is an economic and community development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings. Community Reinvestment Areas ("CRA") are areas of land in which property owners can receive tax incentives for investing in real property improvements. As depicted in Exhibit A, the City has designated 10 individual CRAs in certain parts of Toledo.
In 2021, the City adopted "Toledo Together," a comprehensive 10-year housing strategy. One of the key initiatives recommended by the plan was to expand the City's CRAs to include all portions of Toledo in order to encourage renovation of the City's aging housing stock and new construction of housing.
In order to implement a key initiative of the Toledo Together plan. the Department of Economic Development is requesting to designate the Birckhead Place Community Reinvestment Area as depicted in Exhibit B and described in Exhibit C.
This expansion will enable the City to provide real property tax incentives for housing and economic development purposes. As provided in Exhibit D, a housing surv...
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