Lorain County creates Sheffield Township Community Reinvestment Area under state code

The Lorain County Board of Commissioners voted on Jan. 30 to establish a Township-Wide Community Reinvestment Area (CRA) for Sheffield Township under Ohio Revised Code Sections 3735.65 through 3735.70.

Resolution No. 26-85 authorizes the county to negotiate tax-exemption agreements for qualifying commercial and industrial improvements — up to 10 years and up to 75% of the increase in assessed valuation resulting from improvements — with the exact term and percentage set on a case-by-case basis and memorialized in a CRA agreement. The resolution designates the Director of the Department of Community Development as the Housing Officer, creates a Community Reinvestment Area Housing Council with appointed members from the township, the board and the planning commission, and requires annual inspections and reporting to the county’s Tax Incentive Review Council.

The CRA applies township-wide as described in the attached exhibit referenced in the resolution (the transcript notes the map is on file in Community Development). The resolution also sets a local annual monitoring fee of one percent of the amount of taxes exempted (minimum $500; maximum $2,500) unless waived, and reserves the council’s right to re-evaluate the district after one year and to stop accepting new applications if desired. The board adopted the resolution after a motion by Commissioner Moore and second by Commissioner Gallagher; both voted aye.