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Council advances initial steps for two TIF districts tied to Waterline development
Summary
Council introduced an economic development plan and two ordinances to create two tax-increment financing (TIF) districts for what was described as the Water 9 on Turkey Foot Lake development; council scheduled further review and legal counsel will attend the next meeting to answer questions.
The New Franklin City Council opened a public hearing and advanced the first steps in creating two tax-increment financing incentive districts tied to a large waterline development project referred to as "Water 9 on Turkey Foot Lake."
City staff said the presentation is the statutory start of the TIF process: the city must adopt an economic development plan, show that infrastructure (water and sewer) does not currently exist in the area, and then adopt ordinances that, if approved after required readings, would establish the incentive districts and allocate tax increments under Ohio law.
Two separate ordinances were introduced: ordinance 25-0001 would…
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