LIMA — Lima City Council approved legislation Monday night establishing an Opportunity Zone equity fund.
This will allow the city to enter into agreements with Arctaris Impact Investors, the Lima Chamber of Commerce’s Foundation and other entities to make economic and community development investments in the Lima community over the next decade or more.
The legislation permits the city to loan $5 million to this fund to be matched by $20 million in Arctaris capital.
“We would expect that that fund would ultimately leverage anywhere from 80 to $100 million in developments in mixed-use facilities, commercial-residential, market-rate housing, small, minority and women-owned businesses,” said Lima Mayor David Berger. “It’s an exciting opportunity for us. The only other place in Ohio where this is being proposed is in Cuyahoga County so we’ll be uniquely positioned to be able to access this resource and also what’s called the Opportunity Zone tax credits that the Treasury Department has put in place.”
The fund is expected to be operating in the first quarter of 2022.
In other business Lima council:
• Approved changes in an ordinance concerning animal welfare. The changes detail the practice of tethering a dog and addresses what times it is allowed.
Under the changes, a dog or other domestic animal cannot be tethered between the hours of 10 p.m. to 6 a.m. all months of the year.
During the months of April, May, June, July, August and September, no person shall tether a dog or domestic animal between the hours of 11 a.m. to 7 p.m.
During the months of October, November, December, January, February and March no person shall tether a dog or domestic animal between the hours of 10 a.m. to 7 p.m. It also only allows tethering of a dog or domestic animal for no more than six hours total in a 24 hour period.
Violations would be considered a minor misdemeanor and punishable by possible fines of $150 for each charge.
• Approved an ordinance authorizing the mayor to enter into a contract with Cotterman and Company Inc. to install a new roof on the Simmons Field locker room and storage building for no more than $55,475.
• Approved an ordinance allowing the mayor to enter into a contract with Jack Doheny Company to make repairs to the Street Division’s Vactor unit, not to exceed $55,000.
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