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City presents amended 20-year TIF compensation agreement with school district
Summary
City counsel summarized proposed amendments to the long-term TIF compensation agreement: extend the agreement 20 years to Dec. 11, 2043; include a developer scholarship contribution provision (best efforts, $1,000 minimum); and share some state rollback with the school district. The agreement applies to both commercial and residential TIFs and is on second reading.
The Planning, Community and Economic Development Committee heard a detailed summary of an amended and restated tax-increment financing (TIF) compensation agreement between the City of Greene and the Greene Local School District.
Jason Dodson of Ruts on Andres summarized the three principal changes: an extension of the long-term compensation agreement for an additional 20 years (to Dec. 11, 2043); a negotiated, best-efforts provision encouraging developers to include a minimum $1,000 scholarship contribution in development agreements (the city will not be bound to provide those funds); and a sharing arrangement that allocates a portion of state rollback receipts to the school district in the same manner as other service payments.
Dodson explained why the city needs the school'district agreement: under the Ohio Revised Code, TIFs that exceed 10 years or exempt more than 75% of value require school-district approval, and Greene's TIFs typically run 30 years and exempt 100% of value. He said the 2003 compensation agreement had been amended twice previously and that the school district has now passed and executed the updated agreement; the city is being asked to do the same.
Committee members asked about the gap between the prior agreement's expiration and the present update; Dodson said the revised agreement includes language specifically recognizing the delay and obtaining the school district's consent to TIFs that occurred during the gap, and that the city served the 14-day notices required by the expired agreement for those TIFs. Dodson described the negotiated changes as reasonable concessions to secure the long-term agreement.
The item is on second reading and committee indicated it will take time for the full council to consider the agreement at the appropriate meeting.
