Dayton: tax incentives supported $200M in new investment in 2021

New construction or renovation projects approved for property tax abatements in Dayton last year will “result in more than $200 million in new investment,” the Dayton Daily News reports. Dayton has 17 Community Reinvestment Areas (CRAs), which provide property tax breaks of up to 100% for as long as 15 years for developers or owners who “construct new buildings or renovate existing structures,” according to the article. Among the projects approved in 2021 for tax incentives was a new AC Hotel by Marriot, with an estimated project value of $23 million. Another approved project, the redevelopment of the Mendelsons liquidation outlet building into a mixed-use development, is expected to generate more than $82 million in investment. Dayton City Commissioner and Tax Incentive Review Council member Chris Shaw called the incentives for development “a very important tool,” saying, “[w]here we do have to use these tools, we want it to be effective and we want to see a return on investment — and we’re really seeing that.” For more, read the full article.

Economic Development, Financial Incentives, State Updates