WARREN, Ohio (WKBN) – The Northeast Ohio Development and Finance Authority has released its findings regarding the impact abandoned industrial properties have on property values.
At the Western Reserve Port Authority meeting Wednesday morning, a study conducted over the summer with the help of YSU honors student Greta Frost was discussed. It examined the economic impact of the sites, known as brownfields, by looking at properties in the immediate area and outwards of a mile.
They studied 17 sites in both Mahoning and Trumbull counties, including the former St. Joseph’s hospital, and found that housing values are impacted as much as 66 percent. However, if those areas are cleaned up, the property values could jump by about 18 percent within five years.
“What that tells us, is we need the resources to clean up abandoned industrial sites because it does create increased property values, and that has a ripple effect through the whole community,” said Sarah Lown with the Development and Finance Authority.
Lown says they are recommending that state lawmakers use the Clean Ohio Fund as a grant or loan program to help communities clean up the abandoned industrial sites, or at least prepare them for clean up, so that they aren’t impacting the region.