GALION — The City of Galion continues to focus on economic growth in 2017. One tool implemented last year was the Community Reinvestment Area, which provides temporary tax abatement on any increased property value resulting from construction projects. Abatement are determined on a case-by-case basis by the Housing Council.
The CRA provided abatement to three commercial projects in 2016: Tim Horton’s received a 50 percent abatement for 15 years; Arby’s received a 50 perce nt abatement for 12 years; Longstreth Memorials received a 50 percen t abatement for 12 years to consolidate its operations and move to the Galion Industrial Park.
Total new investment was $4,339,097, with 78 new jobs created.
A fourth commercial project is already under consideration this year, to assist the BP gas station with an expansion project.
The city administration’s main goal for the CRA in 2017 is to encourage new residential housing. The maximum term for this type of project is a 50 percent abatement for 15 years.
If you would like to learn more about CRA incentives and how they can help you, please call the mayor’s office at 419-468-1857. The application form is available online at http://galion.city/311/Economic-Development.