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Lorain TIF report: $21.96 million collected since 2003; Superior Medical TIF yields no revenue
Summary
The Tax Incentive Review Council on Feb. 13 reviewed the city’s tax-increment financing receipts, which total $21,956,000 since 2003, and agreed to continue existing TIFs while flagging one district that currently produces no revenue.
The Tax Incentive Review Council on Feb. 13 reviewed the city’s tax-increment financing (TIF) receipts and agreed to continue existing TIF districts as currently listed while monitoring one district that has yielded no revenue.
Council members were presented with a year-over-year summary showing total TIF revenue collected since 2003 of $21,956,000. The report, prepared for the council and included in the public agenda packet, shows those proceeds are used to pay debt service on bonds for infrastructure work—roads, waterlines and other improvements—linked to the TIF districts.
The c…
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