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Canal Winchester council adopts TIF for Miller Farms multifamily parcels to fund off-site infrastructure
Summary
Council adopted Resolution 26-022 to create a parcel-specific, 30-year non-school TIF for the Miller Farms multifamily portion that covers 221 units; the agreement allows up to $6.5 million in developer reimbursements for public infrastructure and estimates roughly $7.98 million generated over the TIF term.
The Canal Winchester City Council on May 4 adopted Resolution 26-022 to establish a parcel-specific tax increment financing (TIF) district covering the multifamily portion of Miller Farms.
Development Director Lucas Hare told council the TIF applies only to the multifamily parcels — about 221 units — and is structured as a 30-year non-school TIF. "The agreement we've come up with will be up to $6,500,000 in reimbursements for the public off-site public infrastructure improvements, plus interest rates up to 6.5 percent," Hare said, adding that the initial reimbursements would fund road widening, a new turn lane and…
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