Painesville approves three new TIF districts to support redevelopment projects

Three new tax increment financing districts (TIFs) approved by Painesville City Council will help fund public improvements for the Downtown District, the Richmond District, and the Chester Street District, The News-Herald reports. The TIFs will “allow taxes associated with any increased value in property” to be used for improvements including “paving roadways, public utility improvements, environmental/health improvements, stormwater improvements, demolitions, parks, streetscapes, additional landscaping and professional services” within that specific TIF district, according to the article. City Manager Doug Lewis said the Chester Street TIF will allow the city to improve the roadway and water lines with increased taxes from Avery Dennison’s 32,000-square-foot expansion of their manufacturing facility. For more, read the full article.

Economic Development, State Updates