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Treasurer says district filed objection to Sawmill Delaware CRA; warns of potential revenue loss and bond-fund pressures
Summary
Treasurer/CFO told the board the district submitted a formal objection to a City of Delaware Community Reinvestment Area (CRA) request for a 75% exemption over 15 years, estimating potential district revenue loss and flagging pressure on 2019 bond funds for ongoing projects.
The treasurer/CFO reported to the board on July 14 that Delaware City presented a Sawmill Delaware Community Reinvestment Area (CRA) application to the city for a 75% tax exemption over 15 years and that the district has submitted a formal objection.
The treasurer said the district’s initial estimate of the project value was about $14,000,000, which was later updated to approximately $11,000,000. Using the city’s proposed 75% exemption, the treasurer said the district estimates it could lose in excess of potentially $1,800,000…
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