The school district and career technology center both approved the compensation agreement earlier in the month for the TIFs, first created in 2007.
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A TIF is an economic development mechanism generally used to finance public infrastructure improvements. Tax dollars from the increased improvement value are directed towards a separate fund, most often used to finance the construction of infrastructure.
The new agreement also expands the boundaries of the original TIFs – which involves land around Interstate 75’s Exit 47 and property near West Central Avenue and Elm Street, city records show.
The TIF near I-75 includes city’s Miami Bend Community Entertainment District, which city officials are seeking to transform into a a multi-million dollar development.
It also allows the 30-year collection “clock” to reset when each new development begins, according to West Carrollton City Manager Brad Townsend.
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