BRUNSWICK — The entire city, including commercial and residential properties, could be eligible for tax abatements on new construction or renovation projects if City Council decides to expand the city’s Commercial Reinvestment Area.
Currently, the city’s CRA only applies to the industrial area located off West 130th Street, city Economic Development Director Tim Smith said.
He introduced the proposal during Council’s meeting Monday. If approved, the CRA would include all of Center and Pearl roads, where most of the city’s commercial activity occurs.
However, the most interest in the program is on Pearl Road because more possibilities for new construction are there, Smith said.
“These are incentives to tear down older structures,” he said.
The tax abatements could be for as much as 100 percent of the increased assessed value of the new construction for a
15-year period, but specifics would depend on the investment.
Residential properties also would qualify for abatements, but the percentage and time period would be determined by the age of the home.
For example, new construction on homes that are older than 40 years would be eligible for 100 percent of the increased assessed value for 15 years under the proposal.
CRAs are operated through the Ohio Department of Development and are used as an economic development tool.
In the county, there are numerous CRAs, including seven separate zones in the city of Wadsworth alone.
Unlike Brunswick’s proposal, Wadsworth’s CRAs are only in areas where there are industrial properties, city Economic Development Director Rob Peters said.
Contact Allison Wood at (330) 721-4050 or email@example.com.