5 years after environment up a application to offer a tax break to the developers of the city’s downtown movie theater, Ravenna is pulling the notion of a community reinvestment area off the back burner.
Council’s Local community and Financial Enhancement Committee made a decision to transfer ahead with an agreement with Bricker & Eckler, a consulting agency that specializes in neighborhood reinvestment parts. Mayor Frank Seman said the contractor, proposed by Economic Growth Director Dennis West, would get a look at the metropolis and assistance recommend what areas may well be finest for the software.
The method would make it possible for house owners to seek out and get tax breaks on improvements to their constructions. They would nevertheless pay taxes on the worth of the property just before the enhancements.
Whilst industrial home house owners can find an “enterprise zone” tax abatement for improvements they make, there is no these incentive in place for residential or commercial assets entrepreneurs. A “pilot method,” which applied only to the Ravenna theater, was accepted in 2016.
Seman claimed the specialist, who would charge an hourly rate, would assistance the city establish the best locations to develop these types of spots. The similar contractor has labored with Streetsboro, he explained.
“We have other people who really feel they can take benefit of this and it would assistance us with enlargement of firms in the downtown spot.”
Councilman Rob Karis proposed the chance of a CRA for the whole metropolis.
“I seriously hope that there’s a thought that typical house owners, not just enterprises, and not just businesses downtown, get to take part,” he said. “I do not see any downside in it … the more resources that we can give them to make improvements to their homes and probably preserve a handful of bucks on their taxes, I think is worthwhile and a little something to think about.”
Seman said he would like the firm to glance at “every thing” concerned in the software, such as obtaining approval from the county.
“Which is why we want this dude to clearly show us how we deliver these people jointly,” he stated.