Tax Increment Financing (TIF)
Tax Increment Financing, introduced to the City by Director of Finance,
John M. Veres, CPA, in 2002, 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.
The City's Tax Increment Financing program has generated $11,254,556 of additional revenue since the first TIF PILOTS were received in 2005. This money reflects revenue from all of the City's 11 TIF Districts. The revenue has been applied to various projects and the City's debt service.