Sylvania extends tax abatements to increase business - News, Weather, Sports, Toledo, OH

Sylvania extends tax abatements to increase business

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SYLVANIA, OH (Toledo News Now) -

The City of Sylvania is now offering longer tax abatements as a way to bring more businesses to the area.

City council decided Thursday to expand its current Community Reinvestment Area (CRA) in downtown, and reactivate another south of Monroe Street. They also made changes to the current regulations, allowing abatements for businesses and homeowners up to 15 years.

"It's a very good tool for business owners to improve their property, increase business in the downtown area, without paying increased property taxes from day one," said Mayor Craig Stough.

Local businesses were pleased to hear the news. Nancy Pawlaczyk of Merle Norman agrees the tax incentives could help the city grow.

"Interest rates are said to be going back up, so I think with this, if they can get in with that low interest rate and then not have to make that payment for 15 years, that's great," she said. "You couldn't ask for a better incentive than that."

Kevin Charles, a salon, has two locations in Sylvania, both in the downtown area. They have expanded in the past and are looking to make changes again in the near future. They say the tax incentive is a significant help to small businesses.

"It not only allows us to expand our business, but to create new jobs within the community," said Vice President of Operations Celeste Meyer.

City council will review two more CRAs at their next meeting in July.

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Copyright 2013 Toledo News Now. All rights reserved.

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