The City of Lima is putting up millions of dollars to help attract private investors to help turn around certain parts of the city.
Council voted Monday night to create an Opportunity Zone Equity Fund. A group called Arctaris Impact Investors contacted the city about setting up a fund that would encourage investments along the city’s Opportunity Zone which runs along Market and Bellefontaine Streets out to I-75. The program provides incentive for private investors to help revitalize that area. Lima will be putting in $5 million dollars into the fund with the Lima Chamber Foundation, and that will be matched by $20 million from Arctaris.
“So, we would expect that the fund would ultimately leverage anywhere from $80 to $100 million dollars in developments in mixed use facilities, commercial, residential, market rate housing, small minority and women-owned businesses,” says Mayor David Berger. “It is an exciting opportunity for us. The only other place in Ohio where this is being proposed is in Cuyahoga County.”
Opportunity Zone Equity Fund could be in place as early as the beginning part of 2022.
Council also voted to create new laws for tethering dogs and other domestic animals outside. The new rules say that animals must have access to food and water and can only be tethered outside certain times of the day and defines how long the tether can be. Violations would be a misdemeanor offense, which would result in fines of $150 for first-time offenders.
