After the Bellevue Industrial and Commercial Development Committee “cleared the final hurdle in their endeavor to make all the land inside the city limits a Community Reinvestment Area (CRA),” the council voted 6-0 to approve the resolution, the Bellevue Gazette reports. That hurdle included extensive mapping “that showed every piece of property that touches the city boundary.” Once the Ohio Development Services Agency (ODSA) signs off on the CRA, homeowners and business owners who build, upgrade or remodel their homes or buildings will be eligible for real estate tax exemptions “for a set period of time,” according to the article. The exemptions “will cover one hundred percent of the taxes for the designated time frame” if the projects meet the cost requirements; the length of time varies depending on the type and cost of the projects. Homeowners’ remodeling projects must cost at least $2,500 to qualify; more extensive projects and new home construction projects are eligible for longer exemptions. Existing CRAs already included parts of the city; the resolution creates a CRA that encompasses “the remaining land within the city limits” not already covered by those CRAs. For more, read the full article.
