Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council introduces measure to expand community-reinvestment area citywide
Summary
Council introduced a first-reading amendment to the 1994 CRA resolution to make the community-reinvestment area citywide and authorize up to a 50% tax abatement; councilists said the tool is intended to attract businesses and aid homeowner improvements and that it would not apply retroactively to projects already underway.
Council introduced an amendment to resolution 1994-106 to expand the community-reinvestment area (CRA) to include the entire city and to allow up to a 50% property-tax abatement for qualifying improvements. Proponents framed the change as a development and redevelopment tool intended to make Eastlake more competitive with neighboring municipalities.
"This is asking to include the entire city in the CRA area and making it 50% as opposed to just the one area," a council member said, explaining the amendment would be available to both residents and businesses to encourage reinvestment. Proponents said the change is aimed at new construction or significant property improvements and is not intended to be applied retroactively to projects already in process.
Council members asked administrative questions: whether the program would require school-board approval for abatements over 50% (members noted that over-50% abatements can trigger school-board review), and whether the city has the infrastructure to manage a citywide CRA. Proponents responded the CRA is a tool to spur redevelopment and that federal/state grant opportunities (discussed elsewhere on the agenda) have historically funded infrastructure projects in designated areas.
The measure was read for first reading and scheduled for second reading at the next regular meeting; no final vote was taken at this session.
Next steps: first reading completed; item placed on second reading for the next regular meeting.
