Board hears Baker Tilly TIF review showing roughly $27 million in new assessed value in Valor Acres

The Brecksville-Broadview Heights Board of Education on July 14 heard a detailed tax-increment-financing (TIF) review from Jeremy of Baker Tilly that showed new assessed-value additions in the Valor Acres area and other TIF districts that are expected to raise compensation payments to the district.

"About a $10 million increase in the Sherwin-Williams area," Baker Tilly noted, and the presenter walked trustees through parcel maps and the difference between base (historical) value and increment (new development). Jeremy said the most recent build-out and completions accounted for roughly $27 million of additional assessed value in the Valor Acres area, including about $7.3 million attributed to a headquarters phase, $7.8 million in multifamily value and roughly $2.1 million from new residential construction. He said the report uses tax year 2025 values (collected in 2026) and that some future growth is expected to post in subsequent years.

Treasurer Greg told the board the district expects compensation payments for the current collection cycle in the range of about $775,000 once city and county calculations and settlements are complete. Jeremy noted Ohio law provides multiple TIF options (a 10-year 75% increment or a 30-year 100% incentive with a make-whole payment) and explained how the district's compensation formula interacts with those mechanisms.

Board members asked clarifying questions about classification of residential versus commercial rates, the county valuation and the dispute process for property owners; Jeremy said valuations are driven by the county process and that owners may request changes through the normal review cycles. The board was directed to the full Baker Tilly report posted in the board packet for parcel-level detail.

Next steps: the district will review the August forecast and incorporate the TIF report figures into its near-term financial planning.