City considering new ordinances to create CRA districts

ZANESVILLE − City council is considering two new ordinances that could place new tax incentive districts on West Main Street and Sharon Avenue.

Named after the two arterial streets, the districts will allow residential, commercial and industrial properties to apply for abatements to make improvements on their properties easier.

“The goal is to encourage people to make improvements to their properties,” said Matt Schley, community development director. “While this is not a grant, a tax abatement would allow someone to, say, ‘My taxes are estimated to go up to X, will you loan me Y knowing that I will have additional capital to pay for the loan.'”

An abatement would offset the cost of the loan and allow residents to make improvements while lessening the burden of increased taxes. The redevelopment of a single-family home is what the abatement works best for, Schley added.

Freezing taxes on development would allow people to save a lot of money on renovations.

“We want people to take advantage of it more than they do,” Schley said.

Under these ordinances, single family homes would be guaranteed 15 years while companies would start with eight years and can negotiate up to 15 years. Up to 100% of the improvement value can be abated.