TOLEDO (WTOL) - The City of Fremont wants to expand an economic development tool to include the entire city.
Currently, Fremont has two Community Reinvestment Areas, or CRAs.
Within these areas near the Heinz Plant and near downtown, anyone who builds a brand new structure will only pay taxes on the pre-construction land value for 15 years.
Owners who renovate existing buildings or homes can receive tax incentives as well.
So now, in hopes to spur city wide development and renovations, the city administration is asking city council to expand their CRA to cover the entire city.
While it would mean lower tax revenues in the short term, it is a strategy to bring in potential new home and business owners, which could have a future ripple effect for the entire community.
“If it goes city wide, we believe that that really puts Fremont on the map for huge economic development expansions, and can really allow to execute the rest of our economic development plan,” said Fremont Mayor Danny Sanchez.
Fremont City Council will hold a second reading of the CRA expansion ordinance on Thursday.