By Kristin Bednarski
Batavia Township Trustees passed a resolution to create Tax Increment Financing for property near State Route 32 during a special meeting March 20.
“The properties are on the north side of 32 between Bauer, Harold and Batavia roads,” Parsons said.
Parsons said they created a TIF district for future commercial, office or industrial development in that area.
“This will be used to help develop that area,” Parsons said about creating the TIF.
Parsons said the project they are planning for that area, that they tied the TIF legislation to, is building a connector road that would run parallel to State Route 32 on that side.
According to the Ohio Development Services Agency, a tax increment financing district is a mechanism available to local governments in Ohio to finance public infrastructure improvements.
The agency explains that a TIF district works by locking in the taxable worth of real property at the value it holds at the time of the TIF creation, and payments derived from the increase in the assessed value of any improvement to real property beyond that amount are directed toward a separate fund to finance the construction of public infrastructure.
Parsons said trustees made the decision to create the TIF with the idea that they could make improvements, including the connector road, with TIF money from future development in that area.
Parsons said he did not know of any specific development that is planned for the area at this time.
He said the TIF is for 10 years.