The Wadsworth Enterprise Zone (EZ) has been created to serve as business expansion, redevelopment, and recruitment incentive. In the recent past, Wadsworth experienced a high rate of residential growth; and, that is likely to continue. The EZ incentive will serve as an additional economic development tool to help balance industrial and commercial projects with residential growth. These projects generate more tax revenue than residential developments of the same size, with less impact on City services and the local schools.
This increased industrial and commercial growth will help provide a more balanced community benefiting the Wadsworth City School District and the City of Wadsworth and, ultimately, benefiting all Wadsworth residents. Industrial and commercial expansion creates additional real and personal property taxes for the Schools and the County and increases income tax revenues for the City. Having commercial entities make up a larger percentage of the tax base permits the Schools to ask for a lower millage to generate the same amount of tax revenue.
The Wadsworth Enterprise Zone will be administered in accordance with the Ohio Revised Code.