What will Belle Oaks bring
to the Community?

The Belle Oaks Benefits

What Belle Oaks will bring to the Richmond Heights Community

Benefits to the Community

  • Belle Oaks at Richmond Road 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 at Richmond Road Community

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