Proposed TIF would fund downtown Sylvania improvements

Sylvania Mayor Craig Stough wants to make improvements to the city’s downtown streetscape without creating new taxes through establishing a TIF district, The Toledo Blade reports. The city would control revenue derived from increased property values within the TIF district, and use those funds to replace sidewalks, reconstruct curbs, create disability accessibility where needed, and address aging trees. Stough estimates the cost for the improvements to be $2 million to $3 million. Improving the streetscape “is one way to create an atmosphere to which developers are attracted,” Stough said. Establishing a TIF district “was included in the city’s downtown master plan released earlier this year.” For more, read the full article.

Economic Development, Project Finance, State Updates