OTE's Oak Street to Become Columbus Community Reinvestment Area

I think it’s pretty odd that the city would declare only one street a CRA, but it’s not a bad idea with all the storefronts that exist on Oak.  I really believe that the future vibrancy and sustainability of the Olde Towne East area depends, in large part, on the viability of these storefronts being occupied and making the near East side a walkable urban neighborhood with basic amenities.

From City Council this week:

COUNCIL HELPING NEIGHBORHOOD REINVESTMENT:

When helping to rebuild neighborhoods, City Council has several different economic programs they can use to assist homeowners who are trying to increase the value of their properties. One initiative is the creation of a Community Reinvestment Area (CRA). Development Committee Chair Maryellen O’Shaughnessy is sponsoring ordinance 1501-2007 to designate the newest residential CRA on Oak Street, from Parsons Ave. to Rhodes Ave. Homeowners can qualify for 100% tax exemptions based upon the type of remodeling project completed—including a maximum 100%, 15-year tax exemption for construction of a new owner-occupied dwelling. The work must be completed by the end of 2012 to be eligible for the exemption.