Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Finance topic
No spam. Unsubscribe anytime.
Council adopts Jefferson South TIF district to fund local infrastructure
Summary
The Defiance City Council voted unanimously June 10 to adopt an ordinance creating the Jefferson South tax increment financing district to capture a portion of future assessed-value growth for local public improvements.
Defiance City Council voted unanimously Tuesday to adopt an ordinance creating the Jefferson South tax increment financing (TIF) incentive district on South Jefferson Avenue. The measure exempts 75% of future assessed-value increases on three parcels for 10 years and directs that incremental revenue into a municipal improvement fund to pay for infrastructure and nearby parks and recreational improvements.
The ordinance was read into the record by Catherine Olney. Council member Michael O'Donnell summarized the proposal as applying to three parcels south of Cabin Fever on South Jefferson Avenue and said the plan would “declare the increases in the assessed value to those parcels to be a public purpose and then exempt 75% of that increase for a period of 10 years” to finance public infrastructure and park improvements.
Council moved immediately to adoption. Council member Rusty moved to adopt; Corbett seconded. When the council took the roll, Corbett, Hancock, Rusty, Wexler, Stretch and Ringgold voted yes. With that vote, the ordinance was adopted and took immediate effect as presented.
The ordinance establishes a municipal public improvement tax-increment-equivalent fund to receive the service payments and describes the public infrastructure improvements that would benefit or serve parcels in the district and within about a square-mile radius. The reading of the bill constituted the first presentation; the council adopted it at the same meeting.
The council did not discuss specific contractors or implementation timelines at the meeting. The ordinance language read into the record specifies that owners of the parcels will make the service payments in lieu of taxes into the special fund.
Council members did not raise objections during the recorded discussion; the council moved directly from the reading to a motion to adopt and a unanimous roll-call vote.
