The traffic signal David Shaver referring to at the City Council meeting,is part of a TIF, (tax increment finanicing) deal where school district and fire service property taxes are ''diverted'' to pay for infrastructure improvements that the city wishes to make. Mrs. Bushman is aware that this signal will not be paid for by anything but diverted property taxes as she served as the primary negotiator and creator of this TIF.
The taxes diverted are new monies received as property valuations increase on a parcel or TIF district as a result of development. Current levels of taxes remain untouched. Normally, developers pay for the infrastructure improvements required for their developments, or the coty would fund such out of the general fund. In this case they pay for them with the taxes that normally would go to the schools and fire department. So in essence, it is a HUGE savings as developers have no infrastructure finacial outlay, just the normal expenses of paying taxes!
I am a member of the Pickerington Tax Incentive Review Council, as the Violet Township representative. We met with city officials last week and received information on all the TIF's Pickerington has created. I will provide that information on this site shortly, in addition to more information on TIF's and how they are affecting the stakeholders, the schools and Township Fire Department. Stay tuned.
The taxes diverted are new monies received as property valuations increase on a parcel or TIF district as a result of development. Current levels of taxes remain untouched. Normally, developers pay for the infrastructure improvements required for their developments, or the coty would fund such out of the general fund. In this case they pay for them with the taxes that normally would go to the schools and fire department. So in essence, it is a HUGE savings as developers have no infrastructure finacial outlay, just the normal expenses of paying taxes!
I am a member of the Pickerington Tax Incentive Review Council, as the Violet Township representative. We met with city officials last week and received information on all the TIF's Pickerington has created. I will provide that information on this site shortly, in addition to more information on TIF's and how they are affecting the stakeholders, the schools and Township Fire Department. Stay tuned.