Defiance considers DRDs to fund infrastructure and incentives

A proposal to create downtown redevelopment districts (DRDs) in Defiance would “provide tax incentives to building owners and create funds for future infrastructure improvements,” The Crescent-News reports. Defiance City Council hosted a hearing on the proposal, which would establish eleven 10-acre DRDs “in which tax incentives would be offered to those investing in particular projects within their boundaries,” according to the article. Those investors would be eligible to have up to “70% of new property taxes,” but not existing taxes, “redirected back into the districts for 10-30 years.” Those funds could pay for infrastructure, provide loans or grants to historic building owners, or provide loans to owners of non-historic buildings for improvements and repairs. For more, read the full article

Economic Development, Financial Incentives, State Updates