Avon Lake Voters Approve Charter Amendment for Power Plant Site Redevelopment
What happened
Voters in Avon Lake approved a charter amendment that requires future ordinances concerning zoning and Tax Increment Financing for the 23-acre former Avon Lake Power Plant site to be put to a city-wide vote. The amendment passed with 51% of the vote, though the Avon Lake City Council had formally opposed it in August. Detractors warned that the change could delay development and raise costs for the property.
From ideastream.org
Why it matters
The amendment changes the regulatory process for the property, which is undergoing redevelopment. Avon Lake Environmental Redevelopment Group had invested $60 million, and Richard Shields, an advisor, stated the project was expected to bring a minimum of $400 million in investment. The new requirement introduces uncertainty into the planned economic development.
City Council plans for expanded public access to Lake Erie and requires Tax Increment Financing to acquire property for redevelopment.
From ideastream.org
Who's involved
- Richard ShieldsDevelopment executive advising on the redevelopment efforts in Avon Lake.
- Avon LakeCity where the former Avon Lake Power Plant site is located and where the charter amendment passed.
- city councilLegislative body that governs Avon Lake and formally opposed the charter amendment.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Richard ShieldsSpeculative
Regulatory uncertainty from the charter amendment could deter future investment in the planned $400 million project.
- Avon LakeSpeculative
Avon Lake may experience delays in tax revenue generation due to the new zoning and TIF rules.