Label
South West CRA Expansion
Department of Economic Development
B. Sehlhorst (x1692)
Title
Amending Ordinance No. 57-96; designating an expanded South West 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 South West Community Reinvestment Area, designating the Director of the Department of Economic Development as Housing Officer; approving certain Administrative Procedures for the Community Reinvestment Area Program, 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 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 expand the existing South West Community Reinvestment Area to include the remaining potions of South Toledo that are not in a designed CRA, 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 pu...
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