Dublin City Council on May 20 held a first reading of an ordinance to establish an urban-redevelopment tax-increment equivalent fund for Block Z in Crawford Hoying’s Bridge Park development.
According to a May 14 memo to council members, the Dublin City Council on Sept. 8, 2015, approved an ordinance that established the first tax-increment-finance district within the Bridge Park development, covering both blocks C and Z.
A TIF is an economic-development mechanism local governments can use to finance public-infrastructure improvements and, in certain circumstances, residential rehabilitation, according to the Ohio Development Services Agency.
A TIF locks in the taxable worth of real property at the value it holds at the time the authorizing legislation is approved, diverting resulting incremental revenue to designated uses, such as funding necessary improvements or infrastructure to support a new development.
Revenue that exceeds the locked-in valuation of the land is typically diverted from the entities that typically receive property-tax revenue, including school districts, parks districts, libraries and fire departments.
According to the council memo, after the first service payments were received for blocks C and Z in 2019, city staff realized that for tracking purposes, separate funds should be established for each block.
The ordinance council reviewed May 20 would allow for creation of a new fund, the Block Z TIF fund.
The original Bridge Park Urban Redevelopment Tax Increment Equivalent fund would be renamed the Bridge Park Block C TIF Fund.