Bexley says CRA could fund Mayfield Place remediation and remodel

Bexley City Council is considering a Community Reinvestment Area (CRA) agreement that “would enable a private developer to environmentally remediate and remodel an apartment complex” in southwest Bexley, according to Mayor Ben Kessler, ThisWeek Community News reports. Ordinance 12-19, if approved, would allow “for a 100 percent, 15-year tax abatement on the new improvements” to Mayfield Place, according to the article. The legislation states that the developer “would undertake environmental remediation of contaminated soil at the Mayfield Place in accordance with the Ohio Environmental Protection Agency’s Voluntary Action Plan.” Council member Richard Sharp noted the city would not abate current taxes, but “future improvement and value.” For more, read the full article.

Economic Development, Environmental, Financial Incentives, Project Finance