Mayfield Village looks at CRA to incentivize business

The Mayfield Village Council is expected to vote this month on the formation of a community reinvestment area (CRA) to “make Mayfield more attractive to new and existing businesses,” Cleveland.com reports. Mayor Brenda Bodnar said the village realized “a CRA is a tool most communities around here have in their tool kit . . . we wanted that to be in our tool box, too,” according to the article. Within the CRA, commercial projects making a minimum $300,000 improvement could apply for a property tax abatement of up to 100 percent of the added value for up to 15 years. Village Economic Development Director John Marquart said the CRA’s incentives would allow “Mayfield Village the ability to make more competitive offers to developers and/or companies.” For more, read the full article.

Economic Development, Financial Incentives, State Updates