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City manager briefs Brookville City Council on tax-increment financing
Summary
City Manager Jack Finch gave a detailed presentation explaining tax-increment financing (TIF), saying the tool uses new tax revenue from development to pay for public infrastructure, places financial risk on developers, and can be used to support senior housing and other projects in Brookville.
Jack Finch, Brookville city manager, gave City Council a step-by-step primer on tax-increment financing (TIF) during the meeting.
“TIFs are a funding mechanism that are found in the state of Ohio and it's used, for government agencies to invest in public infrastructure projects,” Finch said, describing how a TIF captures the increased tax revenue on a redeveloped parcel and directs that increment into infrastructure rather than reducing baseline tax receipts.
Finch told council members the core features of a typical TIF: the property taxes on a site’s predevelopment value continue to be distributed to schools, county government and…
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