Lima Board Approves Opportunity Zone Equity Fund

LIMA – Lima’s city council on Monday evening approved a law establishing an investment fund for the opportunity zone.

This will allow the city to enter into agreements with Arctaris Impact Investors, the Lima Chamber of Commerce Foundation and other entities to make economic and community development investments in the community of Lima over the next decade or more. .

The legislation allows the city to lend $ 5 million to this fund, to which is added $ 20 million in the capital of Arctaris.

“We expect this fund to ultimately mobilize between $ 80 million and $ 100 million in mixed-use facility developments, commercial housing, market-priced housing, small businesses, minorities and women,” Lima Mayor David Berger said. “This is an exciting opportunity for us. The only other location in Ohio where this is offered is in Cuyahoga County, so we will be in a unique position to be able to access this resource and also what are called the area tax credits. opportunity that the Treasury Department has put in place.

The fund is expected to be operational in the first quarter of 2022.

In other Lima Council cases:

• Approved changes to an animal welfare ordinance. The changes detail the practice of tethering a dog and indicate what times it is allowed.

Under the amendments, a dog or other domestic animal cannot be tethered between 10 p.m. and 6 a.m. every month of the year.

During the months of April, May, June, July, August and September, no one may tie a dog or pet between 11 a.m. and 7 p.m.

During the months of October, November, December, January, February and March, no one should tie a dog or pet between 10 a.m. and 7 p.m. total over a 24 hour period.

Violations would be considered a minor misdemeanor and subject to possible fines of $ 150 for each charge.

• Approved an ordinance authorizing the mayor to contract with Cotterman and Company Inc. for the installation of a new roof over the locker room and storage building at Simmons Field for a maximum of $ 55,475.

• Approval of an ordinance authorizing the mayor to enter into a contract with Jack Doheny Company to carry out repairs to the Vacctor unit in the Street division, up to a maximum of $ 55,000.

Contact Sam Shriver at 567-242-0409.

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