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Independence holds public hearing on proposed TIF for Petros subdivision; county objection looms
Summary
City staff outlined estimated revenue from a proposed residential TIF for the Petros subdivision — roughly $420,000 per year for Independence Local Schools and $177,000 per year for the city at full build-out — and said a recently filed Cuyahoga County resolution may reduce the city share; council will consider a first reading next month.
City staff on Tuesday explained how a proposed residential tax-increment financing district for the Petros subdivision would direct future property-tax increases to public infrastructure and school funding, while acknowledging a Cuyahoga County challenge could shrink the city's share.
Jessica Heizer, a city staff member who briefed the council at a public hearing, said the city used conservative estimates for 62 housing units and projected "about $420,000 a year for the Independence Local Schools and about a $177,000 a year for the city of Independence" at full build-out. "So over the 30 year life, that would be about $12,600,000 for the schools and about $5,300,000 for the city of Independence assuming no growth," Heizer said.
The proposed designation is a residential TIF, Heizer said, and she emphasized that the revenues described are not payments to the developer.…
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