Beachwood considers expanding CRA to promote economic development

Beachwood City Council “is favoring the idea” of expanding its current Community Reinvestment Area (CRA) “as a means of attracting or keeping businesses,” Cleveland.com reports. Mayor Martin Horwitz said the proposed expanded area would “basically be all of our commercial property,” according to the article. James Heller, economic development consultant for the city, said, “[i]t’s important to have (a CRA) in place when a developer is looking” as incentives are one of the first things developers ask about when planning a project, and Beachwood is in competition with other cities that have CRAs. For more, read the full article.

Economic Development, Financial Incentives, State Updates