Developer seeks 15-year, 100% CRA abatement for downtown West First Street project

City Council discussed an ordinance to approve a Community Reinvestment Area (CRA) agreement for properties at 36–42 West First Street, a proposal the applicant said would freeze taxable value of improvements for 15 years to make a large downtown redevelopment financially feasible.

Cole Antle, identified in the meeting as a developer and the project representative, told the council, "We're not asking for a 100% abatement of the entire property tax value. We're solely asking for it to be frozen in its current time, and in 15 years, have it be reassessed again at what the value will be." He said the project would add businesses and jobs to downtown London and called the planned space a potential catalyst for further investment.

The CRA matter matters to taxpayers and downtown property owners because a 100% abatement on improvements would delay increased property tax revenue tied to the redevelopment for the length of the agreement. Resident Jim Boyd urged the council to demand more accountability and financial detail before approving long abatements: "Do we know how much we could be giving up? I don't know how we would actually determine that... An auditor or a tax department report, do we have anything showing what that estimated would be?" Boyd also said the ordinance and application lacked clear, enforceable expectations for what the developer must deliver in return for the abatement.

Antle described the planned uses for the site: an outdoor event space with