Thursday, December 6, 2007

Finance Committee discusses changes on streetscape TIFs

Changes to four proposed streetscape projects were discussed in a recent meeting of City Council's Finance Committee.

Four neighborhood tax increment financing (TIF) districts - Oakley, Walnut Hills, West Price Hill and Westwood - are seeking $750,000 apiece:

* Oakley community leaders have decided not to use TIF funds for gap financing and infrastructure improvements for two proposed development projects. Instead, they have opted to continue work on the Oakley Square streetscape and traffic improvement project.
* Walnut Hills has decided to invest in a streetscape for the Peebles Corner area and to not use any TIF funds for building redevelopment.
* West Price Hill still hasn't settled on a streetscape, business district development, or a combination of both.
* Westwood has been told that the TIF funds would only result in the abatement of one or two blighted buildings due to the high cost of acquiring the buildings, relocating the tenants, and demolition.

The $3 million for the projects would come from the Neighborhood Incentive District Loan Fund. The City would then issue bonds, which would replenish the loan fund. The bond debt would be serviced by revenue produced from the streetscape improvements.

The Walnut Hills money was approved by City Council in September. The Oakley, West Price Hill and Westwood TIF districts still have not been approved by the State of Ohio.

Previous reading on BC:
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)
City wants to float bonds for streetscapes (9/11/07)

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