PRE-1994

POST-1994

CRA

Community Reinvestment Area (CRA) #1 is the City of Findlay’s pre-1994, “grandfathered” CRA, originally established in 1987 to encourage reinvestment, property improvements, and new development. The CRA generally includes all property within the City of Findlay, except property located within CRA #2. The program provides real property tax exemptions on the increase in property value resulting from qualifying construction or remodeling. Residential remodeling projects may qualify for exemptions ranging from four to ten years based on the age of the structure, while qualifying commercial and industrial remodeling and new construction receive exemption periods based on the amount of investment. Buildings containing five or more residential dwelling units are treated as commercial property under the program. Applicants must meet the requirements of the CRA legislation and submit an application and supporting documentation to the City for review and approval.

Community Reinvestment Area #3 (CRA #3)

 The City of Findlay’s Community Reinvestment Area #3 (CRA #3) provides real property tax incentives to encourage new development and reinvestment within designated areas of the City. Eligible commercial and industrial projects, including developments containing five or more residential dwelling units, may receive an exemption on the increase in assessed property value resulting from qualifying construction or improvements.  CRA #3 exemptions are negotiated on a case-by-case basis and may be granted for up to 100% of the increased value for up to 15 years. Remodeling of an existing commercial or industrial property must include at least $5,000 in qualifying improvements. The exemption applies only to the increased value resulting from improvements and does not apply to the value of the land. Applicants must submit a CRA application and supporting project information, and an approved Community Reinvestment Area Agreement is required before the exemption is granted. Projects are subject to annual review during the term of the agreement.