The Community Reinvestment Area is a designated area in which property owners can receive property tax incentives for investing in real property improvements. The City of Wickliffe has designated CRA to encourage revitalization of the existing building stock and the development of new structures. Any property owner meeting the requirements set forth and our planning to undertake a Real Property improvement can apply to the City of Wickliffe and the Department of Economic Development for consideration.
The percentage of tax exemption on the increase in assessed valuation from improvements to commercial and industrial property and the term of those exemptions is negotiated on a case-by-case basis in advance of construction or remodeling occurring. The results of the negotiation will be set forth in writing in a City of Wickliffe CRA Agreement. Term and percentage of tax exemptions granted to qualified applicants will be negotiated based on the applicants conformity to the overall objectives and vision of the Strategic Redevelopment Plan adopted as a guideline by Wickliffe City Council.
All residential, commercial and industrial properties consistent with the applicable zoning regulations within the designated CRA are eligible for exemptions under this program. The CRA Program is a public/private partnership intended to promote and expand conforming uses in the designated area.
Substantial real property tax exemption for a period of years.