Findlay reinvestment area to go citywide

FINDLAY — A vote by city council to declare all of Findlay as a Community Reinvestment Area — again — is expected in December. A Community Reinvestment Area (CRA) is a program authorized under Ohio law that allows cities to offer property tax abatements as an incentive for development and reinvestment. These abatements apply to the increased property value created through new construction, remodeling, or rehabilitation of residential, commercial and industrial properties. For Findlay, the CRA provides tax exemptions ranging from 4 to 10 years for residential improvements and 2 to 10 years for commercial or industrial projects, depending on the size and type of investment. The goal is to encourage redevelopment in older neighborhoods, support infill housing and make new construction more financially feasible The original reinvestment area dates back to before 1988, when it was first established to encourage reinvestment through property tax abatements. The program was amended in 2013 to include the Marathon Petroleum downtown project and was extended to the city's corporate limits. The expectation was that it would grow naturally with annexation. Since then, the city has continued to expand its corporate limits through annexation, adding 641 acres of land now slated for residential neighborhoods, mixed-use development and industrial sites. However, in 2023, state lawmakers added language to the Ohio Revised Code stating that any increase in the boundary of the CRA constitutes an amendment of the map, making the update necessary, said Mayor Christina Muryn. "Therefore, to allow for use of the CRA by upcoming or current projects such as Sheetz, Horizon Point Villas, and Casto, we were recommended to update our CRA and include a new map showing they are clearly within the city of Findlay limits," she said. Sheetz is building a $169 million food preparation and distribution center on the city's north side near County Road 99 and I-75, a project expected to create more than 700 jobs. Horizon Point Villas, located off Bright Road on Findlay's east side, is adding 85 upscale villas and townhomes with resort-style amenities. Meanwhile, Casto Communities plans a 374-unit townhome and apartment development near the I-75/County Road 99 corridor, featuring a clubhouse, pool and fitness center The amendment will incorporate the newly annexed land into the CRA. It also modernizes program rules while preserving Findlay's grandfathered status under Ohio law. This is the second and final amendment permitted for pre-1994 CRAs, Muryn said. By extending CRA eligibility to newly annexed land, the city can also use it to encourage builders to create single-family homes, townhouses, and multifamily units while supporting reinvestment in aging neighborhoods. According to a housing report developed by DiSalvo Development Advisors, Dublin, Findlay is averaging only about ten new homes per year, but the demand for hundreds of new units over the next five years. No new residential plats were developed this year. The report was provided to council at its regular meeting on Nov. 5, and is dated for January 2025. The study projects that Hancock County will need between 849 and 945 for-sale homes, 519 to 688 rental units, and up to 110 assisted-living units over the next five years—levels not seen since before the Great Recession in 2007-2009, according to the report. Rental occupancy rates have also climbed to 99 percent, and rising construction costs and high interest rates have further constrained new development. These conditions have driven up home prices and limited options for first-time buyers and working families, according to DiSalvo. The report says housing patterns in Findlay reflect decades of growth from a historic downtown core outward into suburban neighborhoods. Older homes near downtown have often been converted into duplexes and triplexes—about 900 conversions were identified during a 2019 zoning update. Multifamily housing is concentrated near downtown, major corridors like Tiffin Avenue and Bright Road, and around the University of Findlay, while suburban subdivisions dominate the north, east, and southwest. The CRA legislation being considered by council also expands eligibility for residential rehabilitation from one- and two-unit buildings to include up to four-unit dwellings. It also raises the minimum investment threshold for residential projects from $2,500 to $5,000.