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Mayfield Heights council extends CRA exemption term for corporate park to 10 years
Summary
Council approved amending the city's 1993 Community Reinvestment Area to increase tax-exemption terms for certain commercial and multifamily rehabilitation projects from five years to 10 years, citing aims to attract rehabilitation and leasing in the corporate park.
The Mayfield Heights City Council voted May 12 to amend the city's 1993 Community Reinvestment Area (CRA), increasing the tax-exemption term for certain multifamily and commercial rehabilitation projects from five years to 10 years.
City staff said the change is intended to make rehabilitated office and commercial space in the corporate park more attractive to tenants and developers, especially with recent building sales and potential renovations in the Landerbrook corporate area.
Mister Rowan, a department head who presented the ordinance, said, "the city passed a community…
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