MOUNT VERNON — City council spent more than half an hour before Monday’s meeting learning about the workings of a Tax Increment Financing District such as the one proposed for the Sandusky Avenue corridor. Legislation creating the district, which would stretch from Tilden Avenue on the north end to a bit below where Ohio 586 splits from Ohio 13 on the south side, was on Monday’s agenda for second reading.
Another meeting on the measure will be held at 6 p.m. next Monday, Dec. 17, prior to a special meeting at which council will be asked to vote for final passage so property tax values can be frozen at the 2012 level.
Chris Connelly from the Vorys law firm, who has been working with the administration to set up the district, explained the workings of the district and answered council’s questions.
Connelly explained that tax levels are frozen on commercial property in the district, so that no entity that receives money from property taxes money will receive less than they did. The benefit comes from the taxes that result from the increase in value of commercial property, which is set aside in a fund that can be used to finance public improvements in the area to encourage economic development, such as improved streets, curbs, sidewalks, water and sewer lines, park creation and similar projects.
A long list of permitted improvements is included in the ordinance.
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