FACTS ABOUT RIVERWOOD
1870 AKRON-PENINSULA ROAD
Who owns the property? It was recently purchased by Petros Developers who have requested that the property be rezoned from Light Commercial/ Recreational Use to Residential. Rezoning was approved by Akron City Council on February 1, 2021.
What would the development include?
A total of 197 high-end housing units. 169 would be rentals with base rents of $1500-$2000, and the rest would be owner-occupied homes selling for $230K and above. Petros, Homes Inc. would receive a tax abatement estimated at about $11.7 million dollars over 15 years for the rental development -- at the expense of local schools and taxpayers. We believe this is an unnecessary corporate tax break given the strong housing market in this area. About 45 acres along the riverfront would be donated to West Creek Conservancy for restoration to a "natural state."
Instead of giving a tax abatement, we believe the tax benefits should go toward the schools, current infrastructure needs, and the restoration/conservation goals of this project through a TIF. Rather than replacing the tax abatement with a TIF, the city recommended the TIF be added after the 15 year tax abatement, giving Petros up to 30 years of abatement benefits for funding infrastructure.