What Belle Oaks will bring to the Richmond Heights Community
Benefits to the Community
Belle Oaks Marketplace will transform a struggling mall that has not paid property taxes in years into a vibrant, energetic community
The addition of 1,100 to 1,900 tax-paying residents is an immediate infusion of income tax revenue that will help maintain roads, schools and parks for all of Richmond Heights
A new thriving business area will also inspire investment in the surrounding community
BENEFITS TO THE CITY RESIDENTS
Access to new stores, shops and, restaurants in the Belle Oaks development
$10 million renovation for a new 20-screen Regal Theater complex
Access to lush parks and pet-friendly areas
Belle Oaks will inspire investment in surrounding businesses and homes
BENEFITS TO THE CITY OPERATING REVENUES
Property tax valuations are locked in for 30 years with zero loss of current tax revenue
Additional tax revenue through payroll taxes from construction crews, new stores, shops and restaurants in the development
BENEFITS TO THE SCHOOL DISTRICTS - RICHMOND HEIGHTS AND SOUTH EUCLID/LYNHURST
Current property tax valuations are locked in for 30 years with zero loss of tax revenue
Additional revenue to schools through payroll tax benefit
Belle Oaks is a community partner; supporting the schools via sponsorship of various events, clubs, and activities
City and School Districts to receive approximately $907,000 from current delinquent mall property taxes
JOB CREATION DURING CONSTRUCTION
An estimate of over 1,400 equal opportunity construction jobs created
Payroll taxes will boost revenues for the City and for the School Districts
JOB CREATION UPON COMPLETION
20-30 Full-time Belle Oaks Employees
500 new jobs in stores, shops and restaurants in the Belle Oaks Marketplace Community
