Kettering's research park part of tax break zone for housing, renovations

Mar. 28—KETTERING — The city aims to promote economic development in Miami Valley Research Park and nearby neighborhoods by offering property owners tax breaks to renovate buildings or construct new ones.

Kettering City Council Tuesday night voted 5-0 to pass a measure to create a Community Reinvestment Area in the research park, and the Aragon and Oak Park neighborhoods.

The newly-created zone would help pave the way for the city to "incentivize high-quality, market-rate apartments" in the research park at Research Boulevard and County Line Road, Kettering City Manager Matt Greeson said.

The Aragon Oak Park CRA would also include about 900 homes in the two neighborhoods, city officials said.

CRAs "are areas of land in which property owners can receive tax incentives for investing in real property improvements," according to the Ohio Department of Development.

One resident was critical of Kettering's plan. Sterling Abernathy said it puts a "negative label" on the two neighborhoods, some of the oldest in Kettering.

Abernathy told council it should inform Aragon and Oak Park residents before taking action to create the new zone.

Kettering Economic Development Manager Amy Schrimpf said the new designation would give those residents an opportunity to invest in their property.

Any tax deal involving research park land, Greeson said, would "require a separate and additional agreement where the terms and details will be presented in a public forum."

The area "would serve to encourage economic stability, maintain real property values, generate new employment opportunities, and constitutes a public purpose for which real property tax exemptions may be granted in the city," documents state.

One aim of the Ohio program is "to encourage revitalization of the existing housing stock and the development of new structures," according to state's website.