Sylvania adjusts tax break areas for business, home redevelopmen - Toledo News Now, Breaking News, Weather, Sports, Toledo

Sylvania adjusts tax break areas for business, home redevelopment

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SYLVANIA, OH (Toledo News Now) -

The City of Sylvania is taking steps to make sure economic development continues to move forward.

The city has had Community Reinvestment Areas (CRAs) for over 20 years. They provide opportunities for business or homeowners to redevelop their property by providing tax breaks. Eight areas in the city are CRAs, including downtown.

CRAs that were created before 1994 can only be amended to re-word terms or change physical boundary lines once.  Now the city is in the process of doing that with four of the CRAs.

Two areas were approved Monday night for expansion, not only in their boundaries, but extending term limits from six years to 10 and 15 years.

"By extending them 10 years for commercial and 15 for mixed-use and for residential, they'll get a much more imactful benefit in years to come," said James Moan, law director of the City of Sylvania. "We think on that basis, more properties will take advantage of it. We can look at an up-tick in development as a result."

Council tabled the other two CRAs. They will make adjustments to them in the next 30 days, after more deliberation.

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