City officials and representatives of the Dublin City School District are mulling over an agreement that could help finance infrastructure needed in the Bridge Street District.
The Dublin Board of Education this week heard about a proposed agreement that would funnel $50 million into the district for technology over the next 33 years in exchange for letting the city create Tax Increment Financing, or TIF districts, within the Bridge Street District.
Dublin has been working on plans for redevelopment within the Bridge Street District, which runs along state Route 161 from Sawmill Road to the Interstate-270/U.S. Route 33 interchange, since 2009.
Developers are interested in the area, but infrastructure is needed, according to Terry Foegler, Dublin's director of strategic initiatives and special projects.
Foegler spoke to board members during a March 20 meeting.
TIFs would help fund infrastructure improvements by using revenue collected from new property tax increases within the TIF districts.
The school district is primarily funded by property taxes and it would continue to receive the property tax revenue currently collected.
Under the agreement, however, the district will not receive the additional revenue that would be generated from increased values of the properties.
Instead they would receive annual payments of $1.5 million.
"The proposed cooperative agreement represents an immediate new revenue stream for our district," Stephen Osborne, school district treasurer, said in a news release about the agreement.
"Annual payments of $1.5 million per year will provide a dedicated source of funding for the district's technology program,” he said.
“Over the next 33 years, the district will receive $50 million under the terms of the cooperative agreement,” Osborne said.
“The fiscal analysis done by the city and the district indicates the agreement is mutually beneficial to both entities."
Dublin City Council will hear the first reading of the proposed agreement at its March 24 meeting.
Both groups are expected to vote on the agreement April 14.
Read more about the proposed agreement in the March 27 Dublin Villager.