Miamisburg creates district to provide funding for new road

Miamisburg is creating a Tax Increment Financing District to provide funding for a new roadway designed to create improved access to Ohio 741 for a housing development and surrounding properties.

The 63-acres Chamberlin Crossing consists of two types of homes. On the property’s south side is a single-family traditional subdivision on 38 acres with 117 homes being built by M/I Homes. On the north are 141 apartment units being built by Redwood Apartment Neighborhoods.

The development is connected to Ohio 741 by a new roadway called Chamberlin Drive about 400 feet north of an existing traffic signal at Habitat Boulevard.

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“Although the development was approved with this access point, a traffic impact study suggests that over the long term, a better access solution makes sense for this development,” City Development Director Chris said in a recent memorandum. “The issue stems from the proximity of Chamberlain drive to the existing traffic signal at State Route 741 and Habitat Boulevard as traffic increases over time along State Route 741 and the development becomes fully built out left turns out of Chamberlain drive will likely be difficult.”

“Long term, the area really needs a new roadway to connect this development to that Habitat Boulevard traffic signal, really to protect the integrity of the traffic flow along 741, provide better access to this development along with some surrounding land that is set for future development,” Fine told Miamisburg City Council on Tuesday.

The current estimates for the project are $2.4 million. The proposed TIF will provide funding to design and construct the new roadway, which would provide improved access and a signal. It would intersect at Chamberlain Drive and move in a south and western/westerly arc, intersecting at a Habitat Boulevard traffic signal.

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The TIF is what is referred to as a 75-10 TIF, Fine said.

“The revenue generated by a TIF is actually generated by the developer as they put improvements into the property,” Fine told city council. “In this case, they’re taking a basic vacant piece of land, building 141 apartment units on there. The value created by that, we would capture 75% of that for revenue into the TIF for a period of 10 years.

“That would be the maximum we think the TIF will generate enough revenue to cover the public improvements,” he said. “We would then dissolve that TIF as soon as those improvements are made and paid for.”

City council voted Tuesday during its regularly scheduled meeting to approve creation of the TIF.

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