Community Reinvestment Area

The City of Wadsworth has a Community Reinvestment Area (CRA) that encompasses the industrial, commercial, and multi-zoned areas of the City.

Tax Exemption Guidelines
(as revised per Ord-00-90)

The amount of tax exemption established for each project is a function of the percent of exemption granted and the number of years the exemption is granted. This percent and term will be based on the amount invested in real and personal property and total payroll for the project.

PROJECT INVESTMENT % OF TAX EXEMPTION
$ 100,000 - 249,000 10%
$ 250,000 - 499,000 20%
$ 500,000 - 999,000 30%
$1,000,000 - 2,499,999 40%
$2,500,000 - 4,999,999 50%
$5,000,000 - 7,499,000 60%
$7,500,000 - 9,999,000 70%
$10,000,000 - 12,499,000 80%
$12,500,000 - 14,999,000 90%
$15,000,000 + 100%

NEW PAYROLL
NUMBER OF YEARS OF EXEMPTION
NEW ADDITIONS
$ 40,000 - 99,999 5 3
$ 100,000 - 199,999 6 4
$ 200,000 - 299,999 7 5
$ 300,000 - 399,999 8 6
$ 400,000 - 749,999 9 7
$ 750,000 - 1,249,999 10 8
$1,250,000 - 2,499,999 11 9
$2,500,000 + 12 10

The City of Wadsworth City Council, in negotiations of tax exemption agreements, may also provide additional benefit to businesses based on the number of years the business is located in the City of Wadsworth per the following (maximum total for term for new construction is 12 years, 10 years for additions):

YEARS BUSINESS IN CITY ADDITIONAL YEARS
5 - 9 1
10 - 14 2
15 - 19 3
20 + 4

Note: A minimum of five full-time jobs must be created within the first 12 months of the agreement to be eligible to qualify for a CRA tax abatement.

Contact Harry Stark at 330.335.2707 for more information.