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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. Marc Milliron, City of Crestline Asst. Safety-Service
Director, at 683-3800.
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