State Representative Kirk Schuring (R-Canton) today announced that the Ohio House voted to pass House Bill 233, legislation he sponsored. The bill allows municipal corporations to create downtown redevelopment districts (DRDs) and innovation districts.


House Bill 233 seeks to promote the restoration of historic buildings, the generation of job opportunities, and the encouragement of economic development in downtown areas. Cities could use up to 70% of the new property tax revenue generated from a project for various entities, such as infrastructure costs or business development.


“This measure builds upon the historic preservation tax credit program and offers more opportunities to further revitalize downtown areas,” said Rep. Schuring. “Updated and modernized districts and increased career openings attracts young people, which inevitably leads to more innovation for the area.”


Additionally, the legislation allows revenue from the DRDs to be utilized to finance grants and loans to owners of historic buildings for the purpose of rehabilitating the property.


House Bill 233 passed with a bipartisan vote and will now be under consideration by the Ohio Senate.


 

 
 
 
  
Featured Posts