New CRA in Kettering could spur new investment and improvements in older neighborhoods

City officials in Kettering say creating a new Community Reinvestment Area (CRA) could spur economic development in an area on the city’s northeast end that includes about “900 homes and Miami Valley Research Park [MVRP] vacant land” by offering “long-term tax breaks” for improvements to properties, the Dayton Daily News reports. A state-required housing study says the area “includes ‘several properties with blighting influences’ in neighborhoods conceived during World War II that have lacked significant reinvestment,” according to the article. The CRA would provide 75% tax exemptions for 10, 12 or 15 years depending on the amount invested and types of properties improved. City Manager Matt Greeson said Kettering is trying to create a tool that would help residents in the area improve their properties and also “incentivize high-quality, market-rate apartments.” Cleveland-based Industrial Commercial Properties (ICP) owns about 50 acres at MVRP and “has expressed strong interest in building a 300-unit apartment complex” there. City Economic Development Manager Amy Schrimpf said she expects ICP to submit plans soon after a CRA is approved by the city. For more, read the full article.

Economic Development, Financial Incentives, State Updates