Akron councilors to consider Urban Revitalization Plan

Posted October 17, 2019 at 7:46 pm

By Julie Ann Madden

Editor’s Note: Akron city officials have two plans in the works that may be confusing to residents who received letters recently. One is the Akron Urban RENEWAL Area amendment for First Street and the other is the Urban REVITALIZATION Plan for economic development.

Akron’s Business Incentive Committee has recommended the Urban Revitalization Plan for landowners of commercial and industrial zoned property within Akron’s city limits.

At their Sept. 24 meeting, Akron councilors unanimously approved a resolution regarding the proposed plan and set a public hearing to receive the public’s comments and concerns.

The hearing will be at 7 p.m., Tuesday, Nov. 12 at Akron City Hall. People can submit written comments to Akron City Clerk Melea Nielsen or speak at the public hearing.

Revitalization Plans are intended to encourage development, redevelopment, and revitalization within a designated area of a city with property tax development incentives to the private sector.

The planning goals include revitalizing the area through the promotion of new construction on vacant land, additions to commercial and industrial property, stabilizing and increasing the tax base, and providing overall aesthetic improvement.

Akron’s

Urban Revitalization Plan

Qualified real estate within Akron’s city limits may be eligible to receive a total or partial property tax exemption on economic development improvements for a specified number of years. The landowners must improve their property with the construction of new commercial facilities or expansion or addition to existing commercial and/or industrial facilities.

The 10-year Tax Exemption Schedule is as follows:

Year Tax Exemption

First Year 80 percent of the actual value added

Second Year 70 percent of the actual value added

Third Year 60 percent of the actual value added

Fourth Year 50 percent of the actual value added

Fifth Year 40 percent of the actual value added

Sixth Year 40 percent of the actual value added

Seventh Year 30 percent of the actual value added

Eighth Year 30 percent of the actual value added

Ninth Year 20 percent of the actual value added

Tenth Year 20 percent of the actual value added

Actual value added by improvements means the actual value added as of the first year for which the exemption was received. In order to be eligible for tax abatements, the increase in actual value of the commercial and/or industrial property must be at least 15 percent.

Property owners must apply for tax exemptions by Feb. 1 of the assessment year the exemption is first claimed.

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