BEACHWOOD, Ohio — City Council is favoring the idea of expanding Beachwood’s community reinvestment area (CRA) as a means of attracting or keeping businesses. Council discussed the matter during its online meeting Monday (Oct. 5).
In Ohio, when used for commercial and industrial purposes, a CRA allows a city to grant up to 100 percent tax abatement for as many as 15 years — but only on the added value a project creates. City Council would have the ability to grant varying percentages and time lengths on a case-by-case basis as businesses apply for CRA benefits.
Beachwood formed its first CRA in May 2018, at the business/industrial area along Commerce Park and the nearby residential area of Concord and Beacon drives.
It is now considering adding to its CRA territory the Beachwood Place mall site west to Richmond Road, and the north side of Chagrin Boulevard, from Richmond Road