Cincinnati City Council has approved streetscape tax increment financing (TIF) projects for Oakley, West Price Hill and Westwood, which were originally approved last September.
The three neighborhoods' TIF districts, created in 2005, were among seven rejected by the state of Ohio due to new rules requiring property owners within a given TIF district to be up to date on their property taxes, a change that the City failed to take into account when they were created.
The three projects receiving $750,000 apiece are:
* Oakley Square streetscape and traffic improvements
* West Price Hill streetscape and/or business district development
* Westwood building acquisition, tenant relocation and demolition
Funding for the projects would come from the City's Neighborhood Incentive District Loan Fund and would be the first projects to utilize this tool.
Bonds will be issued to replenish the loan fund, and the bonds will be serviced by revenue generated from the streetscape improvements.
Previous reading on BC:
Finance Committee discusses changes on streetscape TIFs (12/6/07)
City trying to beat winter on Dana streetscape (11/14/07)
City taking action on streetscape TIFs (11/1/07)
Council authorizes bonds for Evanston, Walnut Hills streetscapes (9/24/07)
TIFs and streetscapes (9/12/07)
The Boilover
2 comments:
Does every single property within the boundary have to be up to date?
JFD,
I have been unable to find the specific language in the Ohio Revised Code. If you'd like to take a look yourself, the stuff dealing with TIF is in section 5709.
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