City leaders want to make sure Bellefontaine can offer every possible incentive to attract jobs, so they asked the Bellefontaine City Council Finance Committee members if they would support an expanded community reinvestment area around the Crossroads Business Center.
Service Safety Director James Holycross said there is a local company looking to expand in the area and wants to move quickly if it can receive assurances the city will extend the CRA to its target property.
Otherwise, the firm will have to reconsider its options, he said.
Rather than expand for one property in the area, administrators and City Law Director Josh Stolly want an amendment to encompass all lots within the manufacturing zoned district.
The CRA, which was established in the mid-1980s, gives industry a 50-percent property tax abatement over a set period of years.
Applicants negotiate directly with the Bellefontaine City School District on a payment-in-lieu of taxes, providing a much more tidy economic incentive path compared to an enterprise zone.
Read complete COUNCIL NEWS in Wednesday’s Examiner.
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