Community
Reinvestment Area
In an effort to reverse the nearly 10% decline in population
between 1980 and 1990, the City of Crestline applied to the Ohio
Department of Development to have the entire City designated
as a Community Reinvestment Area (CRA). The Ohio General Assembly
has authorized municipal corporations to designate CRAs within
the State in order to provide incentives for new residential
development and/or rehabilitation of existing housing by making
available real property tax abatement for new development or
rehabilitation. This authority is given to municipal corporations
in Ohio Revised Code (O.R.C.) Sections 3735.65 through 3735.70.
The incentives offered through the City of Crestline CRA are
in the form of a tax exemption on the increase in the assessed
valuation resulting from improvements for the following periods:
1. Real property tax exemptions of 50% in the first year, 40%
in the second year, 30% in the third year, 20% in the fourth
year and 10% in the fifth year for new residential dwelling
units containing one, two, three, or four housing units.
2. Real property tax exemptions of 50% in the first year, 40%
in the second year, 30% in the third year, 20% in the fourth
year and 10% in the fifth year for the remodeling of dwelling
units containing one, two, three, or four housing units, upon
which the cost of the remodeling is at least Four Thousand ($4,000.00)
dollars per dwelling unit.
The
implementation of the City of Crestline CRA was successful
in achieving its goal of reversing the population decline that
occurred in the 1980’s. Crestline was the only City or
Village in Crawford County that exhibited an increase in population
for the period from 1990 through 2000. The implementation of
Crestline’s CRA has been a significant factor in private
investment of over $3,000,000 in residential properties. Questions
regarding the City of Crestline CRA should be directed to Mr.
Eugene M. Toy, City of Crestline Safety-Service Director, at
683-3800.
