Departments
Tax Increment Financing (TIF) Programs
TIF Districts or Programs may be approved by the Township Trustees by resolution declaring the infrastructure improvements to a parcel of real property to be a public purpose. The business uses its real property tax to finance public infrastructure improvements that directly benefit their place of operations and thereby extend the public infrastructure. The Ohio Revised Code Section 5709 provides that up to 75% of the value of real property taxes can be exempted for up to ten years, which requires an annual service payment in lieu of taxes. Payment in lieu of taxes cannot exceed the annual debt service of the notes or bonds used to finance the public infrastructure improvements. The rate and terms can extend up to 100% for up to 30 years with School Board approval.