By integrating a mix of local and national retailers, the development will cater to both residents and visitors, enhancing economic activity and community engagement,” a city staff report stated.
A residential component of the project would include upscale apartments within the Tipp Plaza location.
A plan is before Tipp City Council for proposed adoption at its July 21 meeting.
This area includes nearly 75 acres that covers the Tipp Plaza, 920 W. Main, 9.07 acres; Tipp Center, 12 S. Tippecanoe Drive, 3.07 acres; 1400 W. Main St., Tipp, 1.42 acres; and the Long property at the southwest corner 25A and Ohio 571, 60.53 acres. The city purchased these properties in 2024 and this year.
The report on the redevelopment plan states that it was prepared according to state code to support a planned city Tax Increment Financing program.
The city earlier hired Woodard Development of Dayton to help in the property acquisition process and planning. Another agreement with Woodward was approved by city council in June to cover the continuing project efforts.
Council President Kathryn Huffman noted the past relationship between with city and consultants. “We have confidence in their services. I think this is a good choice for the city,” she said.
The Urban Redevelopment Plan before council is needed for the TIF to move forward, said John Green, city finance director. “The TIF is vitally important to ensure the city can recover the purchase/redevelopment costs of these projects,” he said.
The TIF itself should not cost anyone anything, he said. The property owners in a TIF district make service payments in the same amount as the property taxes would have been if the TIF did not exist. What the TIF does is redirect a portion of the money received from incremental increases in property values to repay debt issued for the purchase and related public improvements. The monies received from the current value of the property will continue to be distributed as they are now, but the monies received from an increase in property value will be split between the city and the school districts in an agreed upon amount. The city will then use these funds to repay any debt incurred for the project.
Tipp City previously used TIF financing for the public improvements made to facilitate the Randall Residence assisted living facility.
The city received the support of the TIF from the Tipp City Exempted Village Schools Board of Education during its June meeting. During that discussion, City Manager Eric Mack said school district support is vital with the schools position to be beneficiary of added income from property taxes. For example, the anticipated increase in annual property tax revenue to the school district from the Tipp Plaza property was listed as $45,354 today and $53,399 with the TIF. For the Long property, the tax was listed at $605 now and $46,779 with a TIF.
“We see this as a partnership opportunity between the schools and city,” said City Manager Eric Mack.
Contact this contributing writer at nancykburr@aol.com
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