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Lorain auditors report $1.3M in TIF cash; council asks whether funds can help cash‑strapped Lorain City Schools
Summary
At its Feb. 12 meeting the Lorain City Council heard that TIF funds have a $1.3 million year‑end cash balance, with $1.7 million collected this year and $1.4 million used for debt service; councilmembers asked whether TIF dollars could be used to aid Lorain City Schools, and the auditor said TIFs are restricted but will check.
Lorain — The Lorain City Council on Feb. 12 received a year‑end report from the city auditor’s office showing a combined TIF cash balance of $1,300,000 and asked whether any of those dollars could be used to help the local school district.
The city auditor reported that the city collected $1,700,000 in tax‑increment financing (TIF) revenue this year, used about $1,400,000 for debt service, distributed $225,000 to school districts under compensation agreements and spent roughly $628,000 on project costs. “To my knowledge, the funds are restricted for specific purposes, and I do not think that that…
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