TIF plan for Carnation Mall in Alliance moves forward

Alliance City Council recently “took the first step in moving forward with a tax agreement for the Carnation City Mall redevelopment project,” The Alliance Review reports. The city plans to “place the mall property into a tax incremental financing (TIF) program that will exempt the owners from real property taxes for 30 years,” according to the article. The TIF setup is “rather complicated,” Mayor Alan Andreani said, because it requires the city, property owner, and developer to sign an agreement transferring the land between those three entities. City Council reached an agreement between the city and Marlington Local School District that will ensure the school district will “receive an amount equal to 25% of what it would have gotten if not for the TIF.” For more, read the full article.

Economic Development, Financial Incentives, State Updates