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Council briefed on proposal to extend TIF#3 for 30 years to capture future development revenue
Summary
Finance staff told Council that TIF#3 has reached its dollar threshold and state law permits an extension of up to 30 years; staff said the district already generates over $1,000,000 annually and that an extension would capture future parcels as they develop.
Finance Director Steve Presley recommended that Council consider amending Ordinance No. 156-06 to extend Tax Increment Financing district TIF#3 for an additional 30 years under Ohio Revised Code Section 5709.51 and related statutes.
Presley said the district has reached its dollar collection threshold and that the City’s practice in prior TIFs is to extend the term to the maximum permissible under law. In response to a Council question, Presley said TIF#3 covers parcels in the Chester Road area, and Law Director John Gasior confirmed that the parcel map is attached to the originating ordinance.
Mayor Bryan Jensen added that TIF#3 is “already generating over $1,000,000 annually” and framed an extension as a way to ensure the City captures additional revenue as parcels develop. The item will proceed through ordinance readings and related public processes.
