The Commercial and Industrial Tax Abatement Program provides real property tax abatement for the construction or rehabilitation of commercial or industrial structures within Toledo.
Donor Name: City of Toledo
State: Ohio
City: Toledo
Type of Grant: Program
Deadline: All Time
Size of the Grant: $1000 to $10,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Commercial and Industrial Tax Abatement Program supports new construction and the rehabilitation of existing commercial and industrial structures.
Funding Information
The minimum cost of improvements for rehabilitation is $5,000. The abatement periods vary, with new construction projects qualifying for up to a 15-year exemption and renovations qualifying for up to a 12-year exemption.
Qualification Requirements
- The property must be located in the jurisdictional boundaries of the City of Toledo.
- Applicant must be the owner of the property for which they are applying for the exemption.
- Applicant must commit to the creation or retention of jobs in the City of Toledo.
- Property taxes and assessments must be current.
- Properties must comply with zoning requirements, including overlay and historic district approvals.
- Projects must obtain the appropriate permits, inspections and occupancy approvals.
- Projects must have a minimum investment in renovation or construction of $5,000.
- Construction cannot commence until a Community Reinvestment Area Agreement and, if needed, a School Payment Agreement and ordinance are executed and approved.
- In some cases, depending on which Community Reinvestment Area the project is located, the abatement must be authorized by an ordinance being adopted by Toledo City Council.
- According to Ohio Revised Code, projects expected to generate $2,000,000 or more in new payroll, including construction payroll, are required to enter into a School Payment Agreement with the impacted school district.
- According to Ohio Revised Code, projects receiving a tax abatement more than 75% will require approval by the impacted school board, unless the school board adopts a resolution waiving its rights to approve such exemptions.
- If your project involves the rehabilitation of a structure of historical or architectural significance, please contact the Department of Economic Development in advance of your submission to confirm the required documentation for your particular project.
For more information, visit City of Toledo.
