London City Council approves 15-year tax abatement for downtown redevelopment project

London City Council has taken a significant step towards revitalizing its downtown area by approving a 15-year community reinvestment area (CRA) agreement for properties located at 36 to 42 West First Street. This resolution, passed during the council meeting on June 10, 2025, will provide a 100% abatement on property taxes for improvements made to these properties, aimed at attracting new businesses and fostering economic growth in the community.

The CRA agreement is designed to incentivize developers to invest in the downtown area, which has seen a decline in activity and occupancy in recent years. Cole Antle, a developer involved in the project, emphasized the importance of this initiative, stating that it would serve as a catalyst for further development and job creation in London. Antle highlighted the success of similar projects in other small towns, noting that the investment in downtown London could lead to the establishment of new businesses and increased foot traffic.

During the meeting, Antle addressed concerns from residents regarding the potential impact of the CRA. He clarified that the agreement does not eliminate property taxes but rather freezes them at their current level for 15 years, allowing for reassessment based on future improvements. He also shared insights into the planned development, which includes an event space that could host weddings and community gatherings, as well as a restaurant and outdoor areas for entertainment.

The council's decision reflects a broader strategy to enhance the vibrancy of downtown London, which has struggled with vacant properties and limited economic activity. By supporting this CRA, the council aims to create a more inviting atmosphere for residents and visitors alike, ultimately contributing to the long-term sustainability of the community.

As the project moves forward, the council and developers are optimistic about the potential for job creation and increased local revenue, reinforcing the importance of collaboration between city officials and private investors in shaping the future of London.