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Council approves TIF compensation agreement for National Church Residences development
Summary
Council adopted Ordinance 13-20-26 to declare improvements a public purpose under Ohio law and implement a tax-increment compensation agreement directing school-district payments for a National Church Residences project. Outside counsel described how the compensation agreement allocates service payments.
Council voted to approve Ordinance 13-20-26 on April 13, which the staff characterized as the final piece of tax-increment financing (TIF) legislation needed to implement a development agreement with National Church Residences.
Outside counsel Mr. Dooley (speaker 16) explained the compensation agreement governs the distribution of payments in lieu of taxes. "The compensation agreement is relative to the dispersion of funds… so that is the payment in lieu of taxes," Dooley said, describing a base 20% compensation to the schools and subsequent waterfall allocations of remaining service payments.
A council member summarized that the legislation implements the agreed structure from prior negotiations. Staff and council noted representatives from National Church Residences were present. The ordinance passed by voice vote after a brief staff introduction and limited council discussion.
Next steps: With enactment of the ordinance, staff will proceed with actions required under the development agreement and the related TIF fund administration. Council asked staff and outside counsel to be available for any follow-up questions about the compensation mechanics.
