The Lima City School Board held a meeting to vote on a proposed tax abatement.
Board members voted to approve resolutions supporting a tax incentive of the properties of 113 & 115 East Spring Street and 147 South Main Street, which are owned by John Heaphy. The 75% tax abatement would be for 12 years of property taxes on the incremental increase in value of the properties as a result of proposed improvements to the building, which he plans to use for a commercial facility to include foodservice operations and offices as well as a restaurant and bar.
Jill Ackerman, Lima City Schools Superintendent said, “It will ultimately bring people into the city, into downtown Lima, it beautifies our community, and it clearly shows a willingness on the part of citizens in Lima to make an effort to help advance our downtown area, and make it better for everybody.”
The costs for improvements of the properties are estimated to be $3.55 million. Lima City Council will now have to approve the tax abatement.
