Troy finance committee backs cooperative agreement to enable Terrace Ridge sales-tax exemption

Todd Sievert, chairman of the Troy City Council finance committee, said the committee unanimously recommended that the full council authorize the director of public service and safety to execute a cooperative agreement with the Dayton Montgomery County Port Authority to facilitate a sales-tax exemption for the Terrace Ridge apartment project.

Mr. Tiddington, addressing the committee, said Terrace Ridge on McKague recently changed ownership and that the new owners are making a significant investment to update units. "Under this agreement, we would have no connection with the sales tax exemption since we don't collect sales tax," he said, adding the city would have no responsibility for financial incentives and that staff was not seeking emergency legislation.

The explanation, presented as background for the committee's vote to forward a recommendation, clarified why the Port Authority is involved: because Terrace Ridge lies outside the Port Authority's immediate jurisdiction and the Port requires a cooperative agreement when it participates in projects located in communities beyond its boundaries. Sievert asked for comments from council members, the public and staff; none were raised during the meeting.

The committee instructed the clerk to record a unanimous recommendation to the full council to proceed with the cooperative agreement. The meeting adjourned afterward.