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Consultants update board on TIF-driven development, project values and expected compensation payments
Summary
Consultants from Baker Tilly briefed the board on tax increment financing (TIF) agreements in Brecksville and Broadview Heights and presented updated incremental property values and projected compensation payments to the district.
Consultants from Baker Tilly presented an update July 16 on tax increment financing agreements affecting Brecksville and Broadview Heights and on the revenue the district can expect as development proceeds.
Marvin and Jeremy (consultants, Baker Tilly) explained how TIFs preserve baseline property tax receipts for a district while routing incremental tax collections from new development into a project fund for infrastructure and other public improvements. They said Ohio law permits many TIFs to be established without school-board approval if they do not exceed 75% for 10…
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