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Canal Winchester council debates TIFs and new-community authorities for upcoming developments
Summary
Council members and staff discussed tax-increment financing and new community authorities as tools to pay for infrastructure tied to proposed developments including Miller Farms; staff will provide a pre-read and a consultant will present March 3.
Canal Winchester City Council on Feb. 18 spent a large portion of its meeting weighing tax-increment financing (TIF) and new community authority (NCA) tools as ways to fund roads, utilities and services for proposed developments, including a project identified repeatedly as Miller Farms.
Councilors and staff said the city faces rising development pressure and must decide which finance tools — alone or layered together — best protect current taxpayers while covering the infrastructure bills new projects will generate.
Development director Lucas Hair outlined how municipal TIFs work in Ohio: incremental property-tax revenue that results from new development is diverted into a TIF fund for public infrastructure while taxing entities keep their pre-development revenue. “Property taxes calculated on that increase in value are diverted from the normal property taxing entities and placed into a TIF…
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