LIMA, Ohio (WLIO) — Local leaders gathered to learn more about economic development tools used to support companies looking to relocate or expand in the region.
Programs such as Tax Increment Financing (TIF) agreements and Community Reinvestment Area (CRA) tax abatements are commonly used to incentivize business growth. These agreements require approval from municipalities, school districts and county officials.
To help officials better understand how these tools work and their potential impact, the Allen County Auditor’s Office hosted an expert-led session for leaders from Allen County and surrounding areas.
“I hope if someone appears in front of their board or their entity and says, We would like to create a TIF or a CRA they immediately know what that means and how that would affect pro or con in their community. So that way, when they're making their decisions, they're making the best decision they can for the benefit of their community that they serve," says Rachael Gilroy, Allen County Auditor.
To help officials better understand how these tools work and their potential impact, the Allen County Auditor’s Office hosted an expert-led session for leaders from Allen County and surrounding areas.
Gilroy said she hopes to make the educational training an annual or biannual event for local leaders.
