OHIO – Earlier this month, Gov. Pat Quinn signed legislation to extend the village of Ohio’s tax increment financing (TIF) district.
State Rep. Don Moffitt was in Ohio on Monday to give the news the village board has been waiting on for more than a year.
The new legislation will allow Ohio to keep its’ current TIF district another 12 years.
The village board was appreciative of the extension. Village President Charles Thomas said it will be a great tool with which future boards can work.
“The TIF extension will benefit the citizens the best by giving us the continued development tools to help shape our destiny,” he said. “The village board will have the power to improve infrastructure and promote economic development on a local level.”
Ohio’s TIF includes properties in approximately 60 percent of the village limits. The village board sought out a TIF in 1992 in hopes to help the school survive, extend incentives to help the village grow and develop a housing subdivision.
With TIF funds, the village has funded several improvement projects. The most expensive project to date was a $1.4 million water filtration plant. Thomas said the village is responsible to pay back $76,000 annually. Each year, the village uses about $26,000 from water funds and $50,000 of TIF funds to make up that payment.
“Without this help, the water rates would be more than people could afford,” he said.
Other completed projects funded by the TIF include financing the Bulldog Subdivision, which includes 14 new homes and helping with infrastructure on six new homes; helped build a 12-unit housing apartment structure; financed street paving and sidewalk replacements; demolished five dangerous and unsafe buildings; helped with the cost of mowing in Union Cemetery; purchased new playground equipment in Memorial Park; and the village has been able to give over $480,000 toward projects for the Ohio School District.
With the TIF extension, the village board has plans to move forward with future projects. Thomas said the village will complete work in the Ohio Development Subdivision, which will total 19 lots when completed. Also, the village hopes to start demolition of additional unsafe buildings, continue to improve infrastructure, and further in the future, set up a small industrial subdivision site to market small businesses.
Thomas, who has been on the village board since around 1977, said the village has witnessed ups and downs financially. Although it’s currently not a good economic time, he is optimistic the times will change.
“Although people sometimes say no one will ever build here again, well then, they build,” he said. “It’s just tough competition for little towns.”
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