In October 2021, Council approved and passed Ordinance #1031-2021 to establish a Community Reinvestment Area (CRA) for the Village of Camden. The CRA has recently been approved by the State of Ohio, and you can find the official certificate here: CRA Certification for Camden CRA 135-11024-298 (1).
Information about the CRA:
Purpose: The Community Reinvestment Area (CRA) is a business incentive that municipalities use primarily for attracting new businesses and/or encouraging investment in the community through business expansion. The incentive targets areas that have had difficulties attracting new investments, by encouraging revitalization and new developments through tax incentives.
How it works: When deciding to utilize the program, the property will establish its base value (typically the current value). You will then work with the Village to establish the amount of year(s) and the percentage of tax to be abated. The CRA then abates the taxes up to a certain percentage on the improved taxable value of the property.
Eligibility: The CRA incentive can be used on both Residential and Commercial properties. Please review ordinance details for the maximum allowed years and percentages based on specific criteria. Each year the Tax Incentive Review Council will review all open incentives and determine whether they want to continue the incentive based on the requirements provided in the development agreement.
The intent of the CRA incentive is to provide a more strategic economic development opportunity to encourage and attract investment in the Camden community from entities that may not be willing or able to invest in the community otherwise. While we highly encourage applications for investment opportunities, not all applications will or can be approved. Each application will be given a thorough review and consideration by the Community Reinvestment Housing Council for consideration.
