Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
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 utility oversizing to support future parcels.
The nut graf: under the proposal, Canal Winchester and the developer would direct the incremental property-tax equivalent to a municipal public improvement fund that first reimburses the developer for eligible public infrastructure; Canal Winchester Local Schools and Eastland Fairfield Career Center would be "made whole," meaning school levies are protected from the TIF's diversion of incremental revenue.
Council members pressed for fiscal detail. When asked whether the $6.5 million cap was grounded in estimates, Hare said engineers’ probable-cost estimates support the figure and that the cap is conservative: "So if it's any more than that, then they would be responsible," he said. Hare later offered a revenue projection for this commercial portion: about $7.98 million over the life of the TIF and roughly $270,000 per year into the TIF fund after school revenues are protected.
The council voted to adopt the resolution in the regular session roll call. The motion passed with a majority of votes in favor and one abstention.
The resolution authorizes the city to collect service payments in lieu of taxes from the parcels, deposit the remaining increment after schools are made whole into a municipal public improvement tax increment equivalent fund, and use those funds to reimburse the developer for approved off-site public improvements that benefit the parcels. The agreement also requires owners to make service payments in lieu of taxes and specifies distributions to the school district and career center.
What happens next: the adopted resolution allows the city to enter the TIF agreement described in council documents and begin the reimbursement process as qualifying infrastructure is completed and invoiced. Staff indicated they will manage the reimbursement schedule and report back to council as projects progress.
