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Economic Development

ECONOMIC DEVELOPMENT
Consistently among the top contenders for Best Suburb in Greater Cincinnati, Madeira is the perfect place to live and work.  Strategically located in the heart of Greater Cincinnati region, the City of Madeira is an ideal location for all types of businesses.

The City of Madeira prides itself on providing a high level of services to our residents and business community.  Madeira is 90% residential and City Council continues to prioritize ways to increase development in the downtown area to build tax base.  Commercial development in Madeira generates approximately 40% of  the total property tax and earnings tax revenue, whole only encompassing 10% of the land mass.  By encouraging new and expanded business, tax revenue is increased without increasing the tax rates.

The City of Madeira welcomes the opportunity to partner with all types of businesses to invest in the community.  There are many different strategies used to incentivize business development in a community.  The following are some that are under consideration or are currently in use:


Tax Increment Financing District

Over the past several years, the City Council has made it a priority to concentrate re-development efforts in the Central Business District (CBD).  This focus will improve the City's local economy and help increase the tax base for the schools and the City.

City Council recently approved legislation that will use a Tax Increment Financing (TIF) program in conjunction with the Traditions of Madeira project on Camargo Road.  The TIF allows a portion of the property taxes from this new development to be used for public improvements in and around the project area.

The City Council approved an agreement with the school district to make certain they receive all of the additional revenue from the development, while still providing an adequate and suitable incentive for re-development in the CBD.  TIF's are being used all over the country to provide incentives for development.  TIF's should not be confused as tax abatement for the development.  The new development will pay 100% of the assessed amount for property taxes; however, some of the property tax revenue is placed into a fund from which public improvements, utility work, road work, and parking facilities are funded. 

Because of the potential of the City's Business District, there will be other opportunities to use TIFs for other projects.  Each project is evaluated on its potential and individual project agreements are created so that ht Madeira Schools are involved in the discussions.  City Council will be looking to the future of redeveloping the CBD and using TIFs as a method of making a project more economically viable. 

Main Street Core Regulations
Planning Commission and City Council updated the City's zoning regulation for the Central Business District by approving the Main Street Core District.  The zoning overlay district incorporated updated development and architectural standards for businesses along Miami Avenue, Laurel Avenue and Camargo Road.  It allows for "mixed-use" development which incorporates both commercial and residential uses in the same building.  Commercial (office and retail) can operate on the ground floor and the second and third floor can be residential units.  Building additional residential within the business district increases the market for local businesses.  We continually reach out to developers in an effort to encourage them to consider Madeira's business district as a great place for their next project.

Residential Scale Business Overlay District
Along with the Main Street Core District, Planning Commission and City Council also created the Residential Scale Business Overlay District (RSB) to complement the other areas of the business district that abut residential development.  The RSB has development and architectural standards that allow for more compatible development for adjacent homes whole still permitting retail and office uses to occur.  The RSB is located along Euclid Avenue, east of Laurel Avenue, to Camargo Road; Laurel Avenue wast of Center Street to Euclid and Camargo Road wast of the rear entrance to Kroger.