Union Township Trustees approved a tax increment financing district for both Jungle Jim’s and Carepointe Development Company properties at their April 12 meeting.
The TIF district enables trustees to use the utilize the future gain in property tax revenue of both developments to pay for improvements in the area now.
“This is the appreciated value of the existing property value,” Administrator Ken Geis said about the TIF district.
Geis said they have been discussing a TIF district since they announced that Jungle Jim’s would be coming to the township.
The TIF district consists of both Jungle Jim’s property, located at the former biggs place shopping center, and Carepointe Development Company’s future Hillandale Communities retirement center, located between the Union Township Police Department and Veterans Memorial Park.
“That is all part of the decision for the board of trustees to get businesses to come here,” Geis said. “It would be horrific in today’s environment if we had 400,000 square feet with no development.”
Trustees also approved a joint economic development district for both of the properties earlier this year. The JEDD allows the township to work with the city of Milford to develop land by collecting one percent earnings tax from employees who work within the JEDD.
Geis said that for the TIF district, the county auditor will set the value of the properties, and trustees are able to use the increase in property tax between current property value and the expected property value of the businesses.
“We are able to capture that (money) and use it for approved purchases,” Geis said.
He said they are not using tax from the current property value, which funds other services in the county.
Approved purchases that can be made with the TIF money include improvements to infrastructure, demolition, utility work, drainage improvements and more. Geis said the money can also be used to fund additional economic development.
Geis said the improvements they already made to Aicholtz Road are an example of what can be done. He said they plan to make additional infrastructure and road improvements including improvements to Aicholtz Road where it connects to Glen Este-Withamsville Road.
“Because of these developments, we are able to enhance the overall infrastructure in the area to an extent we wouldn’t be able to do because we wouldn’t have the money for it,” Geis said about the TIF district.
Geis said the improvements will not just benefit Jungle Jim’s and Carepointe, but will also benefit the community.
“It will continue to increase the property tax revenue, and it creates a better environment for people to live here,” Geis said.