Zanesville begins talks about new Downtown Redevelopment District

The City of Zanesville is considering a request from property owners to create a new Downtown Redevelopment District (DRD), the Zanesville Times Recorder reports. Zanesville currently has a DRD “containing portions of Third, Fourth, South and Main streets”; the new DRD would be “based on the properties located around Sixth Street,” according to the article. Property owners and the city “would benefit from the payments derived from the increased assessed value of any improvement to real property” if the DRD is established. The city could pull up to 70% of the increase in value “and use that money to help historical properties with improvements like repairing facades or fixing code corrections,” among others. For more, read the full article.

Economic Development, Financial Incentives, Project Finance