Waterville officials are considering establishing a downtown redevelopment district to encourage economic development within its historic structures.
“Waterville has about 10 buildings in its downtown area that are historic,” said Jon Gochenour, Waterville municipal administrator.
The district would function similar to a tax-increment financing district, which captures revenue from property taxes to be invested back into the district for economic development.
David Robinson, principal at The Montrose Group, LLC, a Columbus firm that submitted a proposal to Waterville for a downtown redevelopment district, said the funds generated by the special district would be controlled by the city and can be used on the historic buildings themselves.
Mr. Robinson said The Montrose Group has completed several DRD plans for small to mid-size communities throughout the state.
“It’s a relatively newer program in the state of Ohio,” said Jamie Beier Grant, manager of economic and workforce development at The Montrose Group,
Ms. Grant said the Waterville project is still in the preliminary stages. The idea, she said, is to have historic structures be the footprint of the DRD.
“There’s a tremendous amount of history within the city,” she said.
Some of the buildings that could be included in such a district, Mr. Gochenour said, are the Columbian House, located at River and Farnsworth roads, and the Liberty House, which is just across the street on South River Road.
Several other structures could be included, he said, and the goal would be to encourage the owners of historic properties that aren’t in current use to invest in those buildings and stimulate economic growth. Through the increase in property taxes, growth could continue.
“It’s something we’re kind of interested in to kind of develop our downtown,” Mr. Gochenour said. “It’s just something that other communities have done in Ohio.”
First Published May 7, 2021, 1:00 p.m.
