An area in New Albany “positioned for new development through economic incentives” could soon add another 500 acres, Columbus Business First reports. New Albany City Council is “considering a resolution to amend the Oak Grove II Community Reinvestment Area [CRA],” which if approved would expand the CRA by “about 527 acres,” according to the article. The resolution would also “expand the Oak Grove II Economic Opportunity Zone to include this area.” The CRA enables New Albany to offer property tax exemptions on construction of new commercial and industrial structures or remodeling of existing structures “consistent with applicable zoning regulations.” The city “also wants to expand the opportunity zone so that the boundaries of the CRA also apply” to the zone. City documents “state the goal of this expansion is to encourage commercial and industrial developments that would help generate economic stability, maintain property values and create new employment opportunities.” For more, read the full article (subscription may be required).
New Albany looks at expanding CRA, Opportunity Zone
