The Springfield City Commission will hear a proposal to expand the Community Reinvestiment Area (CRA) map at its regular meeting Tuesday, Feb. 26.
A Community Reinvestment Area (CRA) is an area of land in which a property owner can receive tax incentives for investing in real property improvements. The CRA provides for temporary tax abatement of increased real property taxes on significant residential remodeling or new residential construction within the area. CRAs are used to incentivize revitalization of the existing housing stock and the construction of new housing within existing neighborhoods.
The City of Springfield has nine geographic areas designated as a CRA. The current proposal would consolidate all CRAs to one, expanded designation for the City. The program permits tax abatement on the value of improvement for up to 15 years on new residential construction, for up to 12 years on renovation of more than two units, and for up to 10 years on renovation of two units or less.
“Expanding the CRA is an important step towards the revitalization and improvement of our neighborhoods,” said City Manager Bryan Heck. “From individuals who want to build new to homeowners who wish to remodel, this program provides the economic incentive to help them reach their goals.”
City Commission will also hear a proposal to nominate The Gammon House as a local historic landmark. Gammon House, located on Piqua Place and built in 1850, is a former stop on the Underground Railroad. George and Sarah Gammon were free persons of color who provided shelter at their home to runaway slaves seeking freedom.
“The Gammon House is a local treasure that is most deserving of this designation,” said Heck. “The amount of courage showed by George and Sarah Gammon under such great personal risk to themselves is breathtaking. It’s a part of our community’s history that we must never forget.”
City Commission meets on Feb. 26 at 7 p.m. in the City Hall Forum.