CH receives state approval for city-wide CRA to support new development
On Oct. 1, the city of Cleveland Heights announced that it had "achieved a major strategic development goal" with the state's approval of its Community Reinvestment Area (CRA) application. In the news release, printed in its entirety below, Mary Trupo, director of communications and public engagement for the city, described the CRA's benefits:
Cleveland Heights has achieved a major strategic development goal with the announcement last week by the Ohio Development Services Agency that the City's petition to create a City-wide Community Reinvestment Area, or CRA, has been approved.
Under the new CRA, residential properties are eligible for tax abatement incentives for both new and remodeling construction. The terms of the incentive are based on the strength of the housing market at the Census tract level using a variety of metrics identified by the city. Commercial projects would also be eligible for tax abatement, provided they meet certain criteria, and subject to the terms of a development incentive agreement required to be negotiated on a case-by-case basis with the City and Cleveland Heights-University Heights School District.
"To be able to reach our strategic development goal of providing targeted incentives for new investment throughout the City is a game changer. We anticipate that the City-wide CRA will provide significant help in retaining current residents, attracting new ones, and creating new jobs and economic activity, as we convey the message that the City is 'open for business'. This gives us a leg up over many other Northeast Ohio cities," according to Tim Boland, Cleveland Heights Economic Development Director.
Businesses and property owners interested in receiving more information about this new incentive program should contact the City's Economic Development Department Director Tim Boland at email@example.com.
Jessica Schantz is the e-News Manager at the Heights Observer and a long-time resident of Cleveland Heights.