Posts Authored by Price D. Finley

Orange extends Pinecrest TIF an additional 30 years

Orange Village Council has “taken advantage of a one-year window to extend the village’s tax increment financing (TIF) agreement for Pinecrest — in a modified version — for an additional 30 years,” Cleveland.com reports. The council passed “an ordinance to amend legislation” extending the term of the TIF, with the modification that the Orange City School District will receive 100% of the real estate taxes due to it from the TIF district during the extension, according to the article. Currently, the district receives 75% of those taxes. Because Orange has received more than $1.5 million in TIF revenue, “it is eligible — for this year only — to extend the TIF for another 30 years via a special legislative action by the state.” Mayor Kathy U. Mulcahy said the TIF diverts funds from the village’s and the county’s portion of real estate taxes “into a restricted infrastructure account” that must be used for public improvements. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates