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Developer outlines financing plan, safety contribution for proposed Barberton subdivision
Summary
Developer representatives described a plan to monetize tax-increment financing (TIF) to pay for public infrastructure for a 179-home development, said the TIF would be revenue-backed with no city recourse, and pledged $150,000 for police and fire before council votes on related documents.
Mr. Ryan Summers, a representative for the development team, told the Barberton City Council committee of the whole on April 7 that construction of a planned subdivision is under way and that the project’s public-financing structure is being finalized.
At issue are three documents the developer and city officials said will come to council later: an amendment to the existing development agreement, a recorded declaration of covenants for property owners, and a cooperative agreement among the city, the developer, and the Summit County Finance Authority that would allow issuance of revenue bonds secured by TIF (tax-increment financing) service payments.
Why it matters: The cooperative agreement would let the Summit County Finance Authority (sometimes discussed as the port authority in the meeting) issue bonds backed by the stream of TIF payments from the development rather than by the city’s general obligation. If approved, the arrangement would shift the developer’s scheduled TIF payments…
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