Label
DEBD West Toledo CRA
Real Estate Section/Law
Burkett (x1692); Granata (x-1034)
Title
Designating the West Toledo Community Reinvestment Area as a Community Reinvestment Area; authorizing tax exemptions for remodeling and new construction; authorizing the Department of Neighborhood and Business Development to carry out a Community Reinvestment Program within the West Toledo Community Reinvestment Area; designating the Director of the Department of Neighborhood and Business Development as Housing Officer; approving certain administrative procedures for the establishment of the West Toledo 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 Real Estate Division of the Department of Neighborhood and Business Development has been requested to create the West Toledo Community Reinvestment Area ("WTCRA") to include the area roughly bounded by bounded by Tremainsville Rd., Jackman Rd., South Cove Blvd., Dorr St., Secor Rd., Kenwood Blvd., Manchester Dr., Carskaddon Ave., Seckinger Dr., Secor Rd. and the northern boundary of the Toledo School District.
The creation of this CRA will enable the City to provide tax incentives for economic development, job creation and housing investment within the CRA boundary to encourage economic stability, growth and the maintenance of property values. A housing survey has been completed which indicates that there are structures of historical or architectural significance in the designated area, that reinvestment has been discouraged; that there are structures located within the proposed designated area in need of remodeling and areas available for new construction. Ohio Revised Code ?? 3735.65 through 3735.70, as amended, commonly known as the Community Reinvestment Area Tax Exemption Law, permit municipalities to grant real property tax exemptions to encourage the construction ...
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