Am. Sub. House Bill 233 empowers cities to kickstart redevelopment projects
Cities across Ohio will soon enjoy new authority to play an active role in historic redevelopment projects, thanks to legislation that was recently approved by the Ohio General Assembly and Governor Kasich.
Am. Sub. House Bill 233 empowers cities to create downtown redevelopment districts (DRDs) and innovation districts (IDs) for the purposes of rehabilitating historic buildings, creating jobs, encouraging economic development and supporting technology-oriented businesses. DRDs and IDs will enjoy dedicated financing streams and flexible powers to fund, finance and incentivize these projects.
For more information, read the latest Public Finance Insight.
