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Council hears staff notice on CRA agreement transfer for former Rialto Theater property
Summary
Staff told council the CRA agreement for 251 West Main Street (the former Rialto Theater) transferred to a single previous owner and requested an extension; staff said the CRA transfer is permitted by ORC with counsel approval and the completion deadline was extended to July 1, 2026.
Staff reported that property at 251 West Main Street — formerly the Rialto Theater — is the subject of a community reinvestment area (CRA) agreement and that the agreement recently transferred to a single previous owner who is requesting an extension.
According to staff, the CRA has been in place for several years but no property tax abatements have been issued to date. Staff said Ohio Revised Code provisions allow transfer of CRA agreements with approval of counsel and that the deadline for completion was revised from July 1, 2024, to July 1, 2026. Council asked clarifying questions about whether the extension resets abatement timelines and staff replied, "It does not reset it, but I believe we changed it to 07/01/2026."
No public testimony was offered on this item during the meeting; staff indicated the item would proceed through the resolution process as listed on the agenda.
