The Policy Committee of the Greater Ohio Policy Center Board of Directors recently voted to endorse HB 233 (131st GA). HB 233 would authorize municipal corporations to create downtown redevelopment districts and innovation districts for the purposes of promoting the rehabilitation of historic buildings, creating jobs, encouraging economic development in commercial and mixed-use areas, and supporting grants and loans to technology-oriented and other businesses. HB 233 is sponsored by Representative Kirk Schuring (R-Canton).
GOPC’s Policy Committee endorses HB 233 because it champions revitalization and incentivizes investments and redevelopment in Ohio. Under the bill, a municipal corporation would be authorized to exempt a percentage of the increased value of parcels located within the Downtown Redevelopment District (DRD) from property taxations and require the owners of such parcels to make service payments in lieu of taxes. The revenue derived from the service payment would be used for economic development purposes, such as much needed public infrastructure improvements, and if the DRD includes an innovation district, for grants and loans to technology-oriented businesses, incubators, and accelerators.
For more information on GOPC’s endorsement, please contact Lindsey Gardiner, Manager of Government Affairs at email@example.com.