- Economic Development Tools
Economic Development Tools
MAP OF ECONOMIC DEVELOPMENT DISTRICTS
COMMUNITY REINVESTMENT AREA (CRA)
The Community Reinvestment Area (CRA) Program is aimed at encouraging new investment in Colerain Township through the rehabilitation and new construction of buildings and homes through property tax incentives. Property tax abatement is available for increased valuation that results from the improvements to property. The residential CRA’s goal is to stimulate rehabilitation, retain residents, and attract homeowners. Commercial CRAs are designed to facilitate the retention and expansion of businesses and the retention and creation of jobs.
Click here to learn more information regarding the Township's CRA Program.
JOINT ECONOMIC DEVELOPMENT DISTRICT (JEDD)
A Joint Economic Development District (JEDD) is an arrangement in Ohio where one or more municipalities and a township agree to work together to develop township land for commercial or industrial purposes. The benefit to the municipality is that they get a portion of the taxes levied in the JEDD without having to annex it.
A JEDD is used when communities desire to work together for shared tax revenue. Communities who desire increased income tax revenue from an industrial opportunity, yet are unable to support the business or industry behind the increase in tax revenue alone, can contract with a neighboring community to share resources. This is done when a town cannot, or will not annex the necessary land. Because both communities are involved and share their resources, economic issues afflicting both communities are alleviated. JEDDs CANNOT be used for residentially zoned areas.
Communities like to use JEDDs because they collect increased tax revenue without having to raise their own taxes or outlaying initial funding for property improvements. Participating communities enjoy increased tax revenue that facilitates a direct benefit for community infrastructure investments. Additionally, JEDD creation can alleviate any annexation pressures between neighboring communities since both equally benefit.
TAX INCREMENT FINANCING (TIF)
Tax Increment Financing (TIF) is an economic development tool available to local governments in Ohio to finance public infrastructure improvements. Payments derived from the increased assessed value of any improvement to real property, beyond the pre-development value, are directed towards a separate fund to finance the construction of public infrastructure defined with the TIF legislation.
Click here to learn more about the life cycle of a TIF and why they are so important. For more information, please feel free to contact our Development Department Team at 513-923-5000.