Marc Lefkowitz | 10/23/06 @ 4:16pm
The winds of change appear to be blowing for tax-abatement in Cleveland. Indications are the blanket policy of 100% (of the improved value) for 15 years for residential property will be altered to be more responsive to conditions in the market.
Crain’s Cleveland Business reports this week that Mayor Jackson and Cleveland City Council are reviewing the policy, which is up for renewal in December. Jackson has voiced concerns about the blanket policy, calling it “a blunt tool” and equating it to a bribe.
While not in favor of its elimination, Councilman Joe Cimperman also hinted the policy might change while speaking at last week’s Levin College forum with developer Bob Stark.
“I don’t think we’re at the tipping point. But, if you get your development proposal in by December 6, you’re guaranteed the 15-year tax abatement.”
Read more about the Mend not end tax abatement policy in Cleveland here.