TROY — Troy City Council has one item on its agenda for its regular meeting at 7 p.m. on Monday at City Hall.
One resolution to amend the boundary of the Community Reinvestment Area #2 and its criteria is on the agenda.
According to the committee report, the boundary needs amended to encourage continued growth of Troy’s industrial and commercial sectors and reinvestment in older residential neighborhoods, but needs to avoid the widespread eligibility. The amended resolution will establish criteria to be based on amount and type of the new investment and age of the structure being improved to make the program more attractive to property owners as improvements are considered. The Community Reinvestment Area allows tax exemption based on criteria and the Ohio Revised Code.
The amended resolution proposes a 20 year-old home is exempt for four years with a minimum remodel investment of $2,500 for a 1-2 dwelling unit and a $5,000 remodel minimum investment for three or more dwelling units. The residential proposal also includes a 30-year-old home is exempt for six years, a 40-year-old home is exempt for eight years and a 50-year-old home is exempt for 10 years.
Industrial remodeling also has a sliding scale based on its current tax valuation. New commercial and industrial property also is eligible for tax exemptions based on its construction investment.
Also on the agenda, Troy Area Chamber of Commerce Joe Graves will provide an update for the Troy Development Council. Also, Lauren Karch, the city’s new communications director, will be introduced at the meeting.
Items of interest:
• The Troy Aquatic Park will close on its last day on Sunday, Aug. 25.
• The Troy Fire Department report stated it transported 96 patients to Upper Valley medical Center and 173 patients to Troy Hospital-Kettering Health Network from July 1 through July 31.
Reach Melanie Yingst at email@example.com
©2019 Miami Valley Sunday News, all rights reserved.