Allen commissioners consider expanding proposed CRA
Feb. 21—LIMA — As Allen County commissioners continue to consider the potential creation of a Community Reinvestment Area in parts of American and Sugar Creek Townships, the conversation has shifted to expanding the proposed tax exemption area beyond its original footprint.
On Feb. 14, commissioners met with representatives from the Allen County Auditor's Office, Allen Economic Development Group and the Allen County Prosecutor's Office to discuss the creation of a CRA encompassing nearly 400 acres in the vicinity of North Cole Street and North West Street north of Irvin Road. This area would be designated for tax exemptions for building renovation and construction that can help spur economic development. The CRA is in the vicinity of a proposed data center, one that has been discussed and debated at multiple American Township trustees meetings.
On Thursday, commissioners met again with Allen Economic Development Group President and CEO Cynthia Leis and John Willamowski Jr. from the prosecutor's office to continue the discussion, during which it was decided to expand the size of the CRA to cover 887 total acres bordered by North West Street to the east and north as state Route 115, Bluelick Road to the south and North Cole Street to the west.
According to Commissioner Brian Winegardner, the expansion comes down to being proactive in putting the area in the best position for any future development.
"It's a tool that we can use for the future," he said. "Declaring a CRA doesn't really lock you into anything specific. But it's a tool we can use for later expansion and development if need be in the future."
The goal, Winegardner said, was originally to have a resolution on the CRA to put to a vote by Feb. 27, but the law pertaining to CRAs required that any structures within the area be surveyed prior to a CRA being established.
"That's a pretty tight timeline if they're shooting for next Thursday to have that done and on our agenda," he said. "If that doesn't happen, it would go to the following Thursday, which is March 6."
Winegardner emphasized that any CRA would not place any special obligations on property owners within the area, and it would not have an impact on property valuation.
"It's not changing what they can or can't do with their property," he said.
Featured Local Savings
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hamilton Spectator
23-05-2025
- Hamilton Spectator
Timbercreek Financial Declares May 2025 Dividend
TORONTO, May 23, 2025 (GLOBE NEWSWIRE) — Timbercreek Financial (TSX: TF) (the 'Company') is pleased to announce that it has declared a monthly cash dividend of $0.0575 per common share ('Common Share') of the Company to be paid on June 13, 2025 to holders of Common Shares of record on May 30, 2025. The Company also offers a Dividend Reinvestment Plan (the 'Plan'), which is eligible to holders of Common Shares and provides a convenient means to purchase additional Common Shares by reinvesting cash dividends at a potential discount and without having to pay commissions, service charges or brokerage fees. Pursuant to the Plan and at the discretion of Timbercreek Capital Inc., the Manager, Common Shares will be acquired in the open market at prevailing prices or issued from treasury at 98 percent of the average market price (the 'Average Market Price') for the five trading day period ending on the third business day immediately prior to the dividend payment date (the 'Trading Period'). Common Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Common Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder. The full text of the Plan can be obtained on the Company's website at About Timbercreek Financial Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors. CONTACT: Timbercreek Financial Blair Tamblyn Chief Executive Officer btamblyn@ .
Yahoo
23-05-2025
- Yahoo
Timbercreek Financial Declares May 2025 Dividend
TORONTO, May 23, 2025 (GLOBE NEWSWIRE) -- Timbercreek Financial (TSX: TF) (the 'Company') is pleased to announce that it has declared a monthly cash dividend of $0.0575 per common share ('Common Share') of the Company to be paid on June 13, 2025 to holders of Common Shares of record on May 30, 2025. The Company also offers a Dividend Reinvestment Plan (the 'Plan'), which is eligible to holders of Common Shares and provides a convenient means to purchase additional Common Shares by reinvesting cash dividends at a potential discount and without having to pay commissions, service charges or brokerage fees. Pursuant to the Plan and at the discretion of Timbercreek Capital Inc., the Manager, Common Shares will be acquired in the open market at prevailing prices or issued from treasury at 98 percent of the average market price (the 'Average Market Price') for the five trading day period ending on the third business day immediately prior to the dividend payment date (the 'Trading Period'). Common Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Common Shares through a broker, financial institution or other nominee must enroll for distribution reinvestment through their nominee holder. The full text of the Plan can be obtained on the Company's website at About Timbercreek Financial Timbercreek Financial is a leading non-bank, commercial real estate lender providing shorter-duration, structured financing solutions to commercial real estate investors. Our sophisticated, service-oriented approach allows us to meet the needs of borrowers, including faster execution and more flexible terms that are not typically provided by Canadian financial institutions. By employing thorough underwriting, active management and strong governance, we are able to meet these needs while targeting strong risk-adjusted returns for investors. CONTACT:Timbercreek FinancialBlair TamblynChief Executive Officerbtamblyn@
Yahoo
18-04-2025
- Yahoo
Allen commissioners approve CRA
Apr. 17—LIMA — As discussion continues around the possibility of a data center coming to American Township, the Allen County Board of Commissioners approved a resolution Thursday establishing a Community Reinvestment Area in the vicinity of North Cole Street and Bluelick Road, a designation meant to help incentivize investment. An area with a CRA designation qualifies for property tax exemptions for exisiting property owners to construct or renovate buildings as a means of spurring economic development. Able to last up to 15 years, the exmption could reach up to 100 percent, with any exemption over 75 percent requiring the consent of the affected public school district. The designated area is closer to the original area proposed in early February, covering just under 400 acres bordered by North Cole Street, Bluelick Road, and Irvin Road, reaching midway between Cole Street and West Street. An expanded CRA covering 887 total acres was briefly considered but later rejected. "This is to develop an area in the township that we have been looking at for quite some time in the American Township area because of its current zoning," Allen Economic Development Group President and CEO Cynthia Leis said. "It just incentivizes development in that area." Thursday's vote was a last-minute addition to the board agenda. Commissioner Beth Seibert emphasized that this area only encompasses properties optioned to the Allen County Port Authority that the landowners are willing to consider for the potential data center project. "We have landowners willing to engage in this possible project," she said. "That is what the optioning to the Port Authority means to me." This does not mean a data center has been approved, Seibert said. With Thursday's resolution approved, the application for the creation of the CRA will now be sent to the Ohio Department of Development for approval. Featured Local Savings
