Opportunity Zones (OZ) - Watch the OZ video here!
The OZ program provides a deferment or write off of capital gains taxes on earlier investments and there is no cap on the amount of investment. There are many different types of projects that are eligible such as real estate, an investment in a startup, and mix-used development that is located in an OZ. The tax law provides that the investor can write off against taxes 10% of the capital gain, once the investment is held for five years. Another 5% of the capital gain can be written off if the investment is held for at least seven years. The greatest tax advantage would come if an investor holds the investment for at least 10 years. Then the investor will not have a taxable gain for any appreciation in value in the OZ investment when the investment is sold. View full description For Opportunity Zone FAQs, click here.
Warrensville Heights Occupancy Program (W.H.O.P)
The W.H.O.P provides a monetary grant to businesses occupying or looking to occupy, whether buying or leasing, existing vacant industrial and/or commercial property within the City of Warrensville Heights, where such occupancy results in new jobs in the City of Warrensville Heights. The grant is an annual payment from the city's non-tax revenues, which is equal to a percentage of the businesses total annual payroll. View full description
Community Reinvestment Area (CRA)
CRA is an economic development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings. View full description
Tax Increment Finance (TIF)
TIF is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects. View full description
Storefront Renovation Program
The Cuyahoga County Storefront Renovation Program helps municipalities update and improve their local retail districts, leading to revitalized neighborhood commercial areas, elimination of blight, and an enhanced quality of life for residents. These improvements assist municipalities in making their retail districts more attractive, both physically and economically. The program will provide grant funding on a competitive basis for strategic, geographically-focused revitalization of commercial, historic, or town center areas.
Warrensville Heights Chamber of Commerce (WHACC)
The WHACC works to promote, enhance, and foster the growth of business in communities of Highland Hills, North Randall and Warrensville Heights, Ohio. To join the chamber, click here