Downtown Powell residents could be eligible for renovation grants
Residents of Powell’s Downtown District will have access to funding through the city for exterior renovations and upgrades under the Downtown Housing Renovation Program implemented by City Council on Jan. 3.
The program was established by ordinance in 2005, with the stated intent that council subsequently would create parameters for implementation and a program structure.
That was never done, Mayor Dan Swartwout said.
The program was established as part of the creation of a Downtown Powell Incentive District and an attendant tax-increment-financing program, a portion of which was to be set aside for assistance with residential property renovation within the city’s downtown. Funds for renovations would come from the TIF and are considered a public purpose.
A TIF is an economic-development mechanism available to local governments to finance public-infrastructure improvements and, in certain circumstances, residential rehabilitation, according to the Ohio Department of Development.
A TIF locks in the taxable worth of real property at the value it holds at the time the authorizing legislation is approved, diverting resulting incremental revenue to designated uses.
Formal establishment of the program allows the city to “begin to let downtown residents know that the funds are available,” Assistant City Manager Jeffrey Tyler said.
As of Dec. 31, slightly more than $45,000 was in the fund, per a memo to council from City Manager Andrew White. On average, the fund collects about $5,000 a year. The city has budgeted $19,500 for 2023 in support of the program, according to the memo.
Council member Brian Lorenz said the program targets exterior renovation projects.
Downtown properties must be owner-occupied to be eligible for the program, council member Christina Drummond said.
Grant awards would range from $1,000 to $10,000 and must be matched dollar for dollar by the owner. The city would provide the award at the completion of the project, which must be completed within one year of grant approval.
Property owners would be eligible for a grant once every five years and must be current on all local property taxes and income taxes to be eligible.
The Downtown Powell Incentive District, White said, is an approximately 300-acre area from just south of Adventure Park on the north to just north of the Powell library on the south, and from roughly Grace Drive on the east to the CSX railroad tracks on the west.
“The Downtown Housing Renovation Fund is a great example of how a public-private partnership can incentivize external property improvements that will increase both the aesthetic and real property values of residences in downtown Powell,” White said. “Renovations made through this program enhance the quality of life for all who enjoy living, working and visiting Powell.”
City staff are preparing an application that will be available on the city’s website at cityofpowell.us when it’s ready, according to city spokesperson Rolanda Castle.
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This article originally appeared on ThisWeek: Some Powell properties could be eligible for exterior renovation grant
