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Created with Fabric.js 1.4.5 According to the Ohio Development Services Agency, "Tax Increment Financing (TIF) is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements and, in certain circumstances, residential rehabilitation. A TIF works by locking in the taxable worth of real property at the value it holds at the time the authorizing legislation was approved. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation. TIFs are implemented at the local level and may be created by a township, municipality or county." What is Tax Increment Financing? Two Different Types of TIFs The State of Ohio offers two different types of TIFs...1. General Purpose/Parcel TIFs OR2. Incentive District TIFs Source: Ohio Development Services Agency Establishing a TIF... The Ohio Development Services Agency states that "local jurisdictions seeking to establish a TIF project must enact legislation that (a) designates the parcel(s) to be exempted from taxation, (b) declares improvements to private property within the specified area as serving a public purpose, (c) delineates the public infrastructure improvements to be made that will directly benefit the parcel and (d) specifies the equivalent funds to be created for those redirected monies. Only those public infrastructure improvements directly serving the increased demand arising from the real property improvements to the parcel(s) or an Incentive District are eligible for TIF financing." The City of Kent's Current TIF Project State TIF Number: 1285Project Title: Urban Renewal Area TIF - Ordinance Number 2010-80Date Created: August 18, 2010Contact: Linda Copley, Clerk, City of Kent
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