The Mount Vernon City Council is planning to extend its Coshocton Avenue Tax Increment Financing (TIF) district for 30 years, with a first reading scheduled during its Oct. 23 meeting. The TIF district was originally adopted in January 1999, according to the proposed Mount Vernon City Ordinance 2023-41.

Tax Increment Financing (TIF) is an economic development mechanism that allows local governments in Ohio to finance public infrastructure improvements and residential rehabilitation. It works by putting tax payments from the increased assessed value of property improvements into a separate fund to finance the construction of public infrastructure defined by TIF legislation, as explained by the Ohio Department of Development's TIF webpage.

The service payments made in tax years 2022 and 2021 for the Coshocton Avenue TIF district exceeded $1.5 million. However, by adopting the extension ordinance before Jan. 1, 2024, the state requirement that the payments be less than that amount can be waived, according to the proposed Mount Vernon City Ordinance 2023-41.

The extension of the TIF district is aimed at continuing the economic development in Mount Vernon and supporting the financing of public infrastructure improvements in the area. The first reading of the extension is set to take place during the Mount Vernon City Council meeting on Oct. 23.