The concept already had been much discussed. It arrived as expected, covering the entire city, extending 15 years and forgiving 100 percent of taxes (though land still would taxed). Private developers have advised the city to take such a step to overcome the low property values currently discouraging investment.
More, other cities have succeeded on this path. In evaluating the potential for
Tax abatement hardly rates as a flawless tool. Too easily the benefits have landed with those who would invest, anyway. Then, there is the concern voiced this week by
The counter takes two forms. First, residents and the city as a whole will not be better off if things stay the same, navigating a steady decline. Second, the mayor hits the mark: The city's housing market “needs a jolt.” The risk is worth taking to benefit all.
If anything, the Community Reinvestment Area, as originally conceived by the state, was designed for just such circumstances.
In a survey, Cleveland State found that the abatement incentives did not offset concerns about the
Of the many partners required, none is more important than the
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