Twinsburg explores downtown redevelopment district to spur jobs and economic development

City officials in Twinsburg propose creating a downtown redevelopment district (DRD) that could generate about $2.3 million over a 10-year period to “rehabilitate historic buildings, create jobs and encourage economic development,” MyTownNEO reports. A 2016 state legislative act “allows a municipality to exempt up to 70 percent of the increased value of parcels in the DRD from property taxes, and requires parcel owners to make service payments,” according to the article. Twinsburg Director of Planning and Community Development Larry Finch said a 10-acre area around the historic First Congregational Church that includes older residences and commercial structures “would be the most likely area to create a DRD” because it “has great potential for redevelopment.” For more, read the full article.

Economic Development, Project Finance, State Updates