City of Conneaut Business Incentives & Reinvestment Incentives
Local Businesses are important to the community. In realizing this, both the City of Conneaut and the State of Ohio offer terrific incentives for business owners who are looking to develop and grow. In this article, we outline types of incentives that are available and we are always willing to discuss and answer questions.
City of Conneaut Revolving Loan Fund
The City of Conneaut operates a Revolving Loan Fund (RLF). To be eligible for these monies, a business must be established in the City of Conneaut. These loaned monies may only provide up to 40% of a project’s needs. Bank and equity participation is required. Funds may be used for a fixed asset purchase, working capital or real estate acquisition. Funds are limited at this time so please call for more information. The County of Ashtabula also has a RLF for any entity doing business in Ashtabula County. Legal Fees are the only fees a business will pay for these services.
Conneaut Ohio Community Reinvestment Areas
The City of Conneaut has established a city-wide Community Reinvestment Area (CRA). The CRA provides a tax reduction on the increase in taxable value of a property for the renovation of existing and the construction of new structures.
The City of Conneaut offers up to 100% real estate tax abatement for 15 years for new commercial or industrial facilities and up to 100% real estate tax abatement for 12 years for the renovation of an existing commercial or industrial facility. The City of Conneaut has an agreement with the Conneaut Area City Schools for revenue sharing on projects over $500,000.00.
The City of Conneaut offers up to 50% real estate tax abatement for five (5) years for new residential dwelling construction or remodeling of dwelling units upon which the cost of the remodeling is at least $5,000.00. Accessory structures are exempt (i.e., garages, sheds, pools, landscaping, etc.).
Applications may be obtained in the City Manager’s Office – located in Conneaut City Hall, 294 Main Street, Conneaut Ohio, 44030.
Ashtabula County Enterprise Zone Tax Incentives
In an effort to spur revitalization of Ashtabula County’s industrial base, Ashtabula County has designed an Enterprise Zone to encourage investment and job creation. Within the enterprise zone, which covers 80% of the County, special tax incentives are offered to businesses that invest in capital improvements and create and/or retain jobs. State law permits up to 60% reduction of new real and personal property taxes for a period of up to 15 years in an unincorporated area; up to 75% reduction for a period of up to 15 years in an incorporated area.