City of Green proposing TIF to finance development area without adding taxes

Green city administrators say establishing a tax increment financing (TIF) district for a proposed development area could help attract new businesses without imposing new taxes on residents or current businesses, the Akron Beacon Journal reports. The proposed TIF would finance upgrades to infrastructure including “a nearly mile-long extension of Southwood Drive” that would “improve traffic flow in the area,” according to the article. Without improvements, City Engineer Paul Pickett said the economic district “wouldn’t be feasible or sustainable long term.” The new road would also provide “prime development opportunities to not only increase our population, but also increase our tax base and really promote businesses in the area,” Chris Hardesty, Green’s community development director, said. For more, read the full article

Economic Development, State Updates