MR. BECKMAN advised that all Township businesses were invited to attend this special meeting to hear a presentation regarding the Montgomery Road CRA with the Hamilton County Development Company (HCDC).
CATHERINE FITZGERALD, HCDC - Advised they are a private, non-profit group and contract with Hamilton County for development services. There are several different departments available to local businesses for assistance.
STACEY DIETRICH, HCDC - Provided an overview of the new Montgomery Road CRA. Ms. Dietrich noted that this is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings. This tax incentive does not reduce property taxes. The abatement terms include commercial/industrial remodeling up to ten years, minimum $5,000 investment, and up to 50%, negotiated per project. Residential remodeling is up to ten years, minimum $2,500 investment and 50% abatement. New construction is commercial/industrial is also up to ten years and up to 50%, negotiated per project and residential is up to ten years, 50% abatement with a market value cap of $100,000. There is no cap on the commercial/industrial projects.
Mrs. Dietrich reviewed the application process and noted that the applicant can contact HCDC and Symmes Township to discuss the project.
MRS. FITZGERALD noted that this would have to be a substantial improvement which would increase the property valuation. The program is not for maintenance to property.
MR. BECKMAN provided clarification of the application process. An application would be reviewed by HCDC who makes a recommendation to a Township review committee who then makes a recommendation to the Trustees. A commercial/
industrial project would need approval from the Township and Hamilton County Commissioners. A residential project does not need any approval as long as it meets the guidelines.
AL STIVER, LOVELAND MADEIRA ROAD - Questioned if this CRA would include the Loveland Madeira area.
MR. BRYANT stated that the Board saw a need for economic stimulus for businesses along the Montgomery Road Corridor. The Board is looking at other areas to determine if there is a need for additional CRAs. It is important for residents and business owners to let the Township know where there might be a need.
MR. STIVER advised that there is a need along Loveland Madeira Road, such as the old 84 Lumber parcel, and questioned if this abatement would be retroactive.
MRS. FITZGERALD advised it is not.
MR. BECKMAN stated he had also invited Nigel Chalkey, Cincinnati Horticultural Society, to explain what opportunities will be available to local businesses due to the April Flower Show. This is the 20th Anniversary and approximately 55,000 people attend the show. Mr. Chalkey advised that they are looking forward to working with area businesses.
MR. BRYANT stated that the Township hopes that the Flower Show is very successful and that local businesses will benefit from this event.
MR. BECK stated he felt this CRA program will be very beneficial to the Township.
The Board suggested that those in attendance make other businesses aware of the CRA program, as well as other opportunities that the upcoming Flower Show will present.
The meeting adjourned at 7:29 p.m. |
Minutes
