Abatement Guidelines for commercial & industrial development / redevelopment, including residential with three or more units
Commercial projects involving the construction of new structures and the remodeling of existing structures, determined to be eligible for the Community Reinvestment Area (CRA) Program by the Sidney City Council, may be considered for 100% exemption from real property taxation for commercial properties. If you are interested in the residential tax abatement program for properties with a single family or two-family dwelling, please go to this page.
REMODELING AN EXISTING COMMERCIAL/INDUSTRIAL PROPERTY OR BUILDING A NEW BUILDING: New property taxes may be abated up to fifteen years and up to 100%. The term and percentage are negotiated on a case-by-case bases in advance of construction occurring.
DEGREE OF INVESTMENT REQUIRED: A minimum investment of $5,000 for remodeling is necessary to qualify for an exemption. Only applicants that agree to make the minimum investments in real property are eligible for CRA tax abatements.
TERM AND PERCENTAGE OF ABATEMENT IS NEGOTIATED: The Housing Council reviews the merits of the application and negotiates the abatement which is then recommended to City Council.
AGREEMENT REQUIRED:An Agreement (contract) must be approved by both the applicant and City Council before remodeling or construction work can begin. Commencing, even with preparation such as demolition and site grading, will jeopardize the potential of a tax abatement.
Multi-family (apartment) dwellings containing three or more units are considered commercial structures for the purposes of the CRA program.