Milford council members have agreed to the terms and conditions of a proposed Joint Economic Development District with Symmes Township and are moving forward in the process to create the JEDD.
Council discussed the Joint Economic Development District agreement and set a public hearing during their March 18 council meeting.
Wright said he met with Symmes Township Administrator Brian Elliff to discuss final negotiations for the JEDD.
“We did finalize negotiations for the agreement for the proposed Joint Economic Development zone,” Milford City Manager Jeff Wright said during the meeting. “And we developed the economic development plan that is required.”
During the March 4 council meeting council members discussed the terms and conditions of the proposed JEDD, which enables a township and municipality to work together to develop land and share tax revenue.
“The city of Milford is one of three cities that Symmes Township is considering to be a municipal partner for its Joint Economic Development zone,” Wright said during the March 4 meeting.
Wright said township officials requested that Milford council members agree to the terms and conditions of the JEDD before continuing the process.
He said the terms include Symmes Township receiving 92 percent of the revenue and Milford receiving eight percent. He said the 40-year term of the agreement can be renewed in three, 10-year periods. He said the tax rate for the agreement is one percent, and the city will handle tax collection.
Council approved the agreement during their March 4 meeting.
Wright said the next step is for council to hold a public hearing before they can adopt an ordinance for the JEDD.
Council members agreed to hold a public hearing at 7 p.m. April 22.
Wright said the proposed JEDD zone would be a benefit to the community.
“The proposed JEDD zone would be a positive for Milford’s residents and businesses,” Wright said. “Since it would better enable our financial ability to maintain our infrastructure and ability to encourage job creation and economic development in Milford.”
Wright said the JEDD will also encourage the communities to work together.
“It would also benefit Symmes Township and encourage the two communities to work together for some efficiencies, shared resources and to foster economic growth in areas we have in common with Symmes, for example the Little Miami Bike Trail area,” Wright said.