Thursday, April 24 2014 3:47 PM EDT2014-04-24 19:47:30 GMT
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City of Sylvania is taking steps to make sure economic development continues to
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.
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.
areas were approved Monday night for expansion, not only in their boundaries,
but extending term limits from six years to 10 and 15 years.
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."
tabled the other two CRAs. They will make adjustments to them in the next 30
days, after more deliberation.