Community Reinvestment Area
A Community Reinvestment Area (CRA) refers to a designated section within the City of Sidney that encompasses historically significant housing facilities or structures, where the construction of new housing and repair of existing facilities have been discouraged. The Sidney City Council has the authority to grant 100% tax abatements on new real property investments within these areas, subject to specific terms outlined in this policy statement.
The primary purpose of establishing Community Reinvestment Areas in the City of Sidney is to provide a powerful tool that encourages, manages, and guides desired economic development activities within the designated areas. The underlying objectives governing the policy for Sidney Community Reinvestment Areas are as follows:
- Alignment with the Sidney Comprehensive Plan: The CRA policy aims to foster development that aligns with the goals and vision outlined in the Sidney Comprehensive Plan. By adhering to this plan, the City can ensure that economic growth and development occur in a manner that harmonizes with the broader community's aspirations.
- Facilitation of Capital Improvements: The establishment of CRAs enables the City to undertake crucial capital improvements, such as the development of roads and public utilities, to effectively serve the industrial and other sectors of the community. This infrastructure development plays a vital role in supporting economic growth and attracting investment.
- Competitiveness in Economic Development: By utilizing Community Reinvestment Areas, the City aims to maintain its competitiveness among neighboring communities in attracting high-quality economic development activities to Sidney. The availability of tax abatements and other incentives serves as a compelling factor for businesses considering locating or expanding within the City.
- Promoting Long-Term Impact: The CRA policy seeks to promote the establishment and retention of manufacturing, commercial, and residential projects that will have a significant and enduring impact on the community. This is achieved through the creation of quality employment opportunities, substantial private and public capital investment, and the overall enhancement of the community's economic landscape.
- Retention and Expansion of Existing Enterprises: The CRA policy also aims to support the retention and expansion of well-established manufacturing and commercial enterprises already operating within the City. By providing incentives and fostering a favorable business environment, the City seeks to encourage these enterprises to continue investing and growing in Sidney.
- Economic Stimulus: The establishment of CRAs not only benefits specific industries but also stimulates various business activities in the City. This includes the growth of retail and wholesale sectors, support facilities, and satellite industries, thereby generating economic vitality and prosperity.
By implementing the CRA policy, the City of Sidney strives to achieve a balanced and sustainable approach to economic development, ensuring compatibility with the community's comprehensive plan, encouraging investment, and fostering long-term prosperity.
Community Reinvestment Area
The boundaries for the Community Reinvestment Areas are depicted on the following maps:
To be eligible for tax incentives under the Community Reinvestment Area Program, applicants are required to enter into a contract with the City. This contract outlines the applicant's obligations concerning the scope and schedule of investment activities, as well as the retention or creation of new jobs throughout the incentive's duration. It is stipulated within the contract that failure to fulfill these commitments may lead to the revocation and/or repayment of the granted incentives. The decision to invoke the revocation or repayment of incentives due to non-compliance with the contract's terms rests with the Sidney City Council.