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City approves 15-year, 75% tax abatement for 120-unit affordable housing at 441 Griswold Road
Summary
Elyria’s joint Community Development and Finance committees approved a Community Reinvestment Area (CRA) agreement for TWG Development to build a 120‑unit multifamily project at 441 Griswold Road, authorizing a 15‑year, 75% tax abatement and requesting emergency legislation to meet state deadlines.
Elyria’s joint Community Development and Finance committees approved a Community Reinvestment Area tax‑abatement application on Aug. 11 for a proposed 120‑unit multifamily affordable‑housing development at 441 Griswold Road.
The committees voted to request legislation establishing a 15‑year, 75% CRA abatement for the project, which TWG Development representatives said has an estimated project investment of about $29,300,000 and is anticipated to create about 200 temporary construction jobs and two full‑time permanent positions. Community Development staff recommended that the legislation be drawn as an ordinance with an emergency…
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