County counsel outlines how TIFs work and how they can interact with EZ agreements
Counsel described the mechanics of tax-increment financing, how incremental revenue is calculated and distributed, and how a TIF can operate alongside an enterprise zone (EZ) agreement using a 75% abatement example recorded in the minutes.
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Jeff Harris of Bricker Graydon Wyatt walked commissioners through the TIF process during the Aug. 5 session, explaining the timeline, the proposed TIF area and how tax increments are calculated and placed into an escrow fund before distribution to townships, schools, the county and special taxing districts.
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