Tax increment financing deals are traditionally used to help fund new developments. Schools, cities and other agencies continue to receive the small property tax amounts they had received when the land to be developed had been vacant. But when development on that land occurs, much of the tax revenue that would normally be paid because of the increase (increment) in value, is used to pay for infrastructure around the project, for a certain number of years.
As part of this agreement, county commissioners and Turtlecreek Twp. trustees wanted to see the schools compensated. In addition, the trustees also wanted the TIF revenues used for infrastructure improvements and for township operations. The trustees also wanted TIF revenues left over at the end of the new agreement to be turned over to the township.
In the past few months, the boards of both school districts and township trustees approved the new TIF agreement before the commissioners gave their approval on Dec. 20.
Matt Schnipke, county economic development director, said the new TIF will produce approximately $4 million for the life of the agreement. Those funds will be used to help fund new infrastructure projects.
The Warren County Engineer’s Office has identified several projects that could benefit from the new agreement, with an estimated total price tag of nearly $43.3 million.
Those proposed projects and estimated total costs include:
- Ohio 63 widening to three lanes from Ohio 741 to Parkside development, estimated at nearly $15.3 million.
- Ohio 63 widening to three lanes from Parkside development to Ohio 123, estimated more than $7.7 million.
- Union/Gateway Connection from Ohio 63 to Solid Rock Church, estimated at nearly $9.33 million.
- Union Road widening, from Solid Rock Church to Greentree Road, estimated at more than $7.2 million.
- Greentree Road/Ohio 741 roundabout, estimated at more than $5.16 million.
- Encore Drive temporary connection from Ohio 63 to tie-in point, estimated at $633,939.