LOVELAND, OHIO - On June 28, Loveland Mayor Rob Weisgerber went to the Loveland School Board meeting and said he was there to answer any questions about the City’s proposed Tax Increment Financing (TIF) District for the Reserves of Loveland subdivision. If created, the TIF would capture future property taxes that would under normal circumstances go to the School District, and divert the money into a City fund. The money would then be used to finish the streets, sidewalks, and other infrastructure left undone when developer Mark Bradley Homes walked away from the up-scale subdivision before it was completed.
There will be a public hearing at the next City Council meeting on Tuesday, July 13 about the proposed TIF. The Council meeting begins at 8 PM at City Hall (120 West Loveland Ave.).The Public Hearing will be at 8:30 PM.
The TIF proposed by the City was again discussed at last night School Board meeting. School Board representatives are expected to attend the Public Hearing and testify about the proposal.
For background, read these previously published stories and editorial:
Tom Carroll Speculates on Who Tipped Off School Board
Loveland Set to Bail Out Fifth Third Bank and Honor Them With Plaque
Brett Griffith Asks Council to Forget TIF Idea
After viewing the discussion, you might want to look at these section of the Ohio Revised Code by following these links:
5709.40 Declaration that improvements constitute public purpose - blighted areas.
As used in the Revised Code: 1.08 Blighted area defined
5709.41 Declaration that improvements constitute public purpose.
5709.42 Annual service payments in lieu of taxes.
For an overview of Ohio’s Tax Increment Financing Program you might want to read this Ohio State University Extension Fact Sheet.
This was a lengthy 40 minute discussion between Board members, the School Treasurer, and the Mayor. The LOVELAND MAGAZINE VIDEOS below are in 10-minute segments.
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