Three Miami Twp. tax-sharing districts generated $222,979 more in revenues this year than in 2015, a 13 percent increase with additional growth projected for next year.
Joint Economic Development Districts for Austin Center, and the Dayton Mall and Dayton-Wright Brothers Airport areas brought in an estimated $1,884,077, according to budgets approved this week by district boards.
The Austin Center JEDD – which also includes Miamisburg and Springboro – brought in $795,123 and the Dayton Mall district shared with Miamisburg took in $774,785, records show. The district with Dayton brought in $314,169.
“I’m glad to see the increase in the revenues,” said township board of trustees Vice President Robert Matthews, Jr. “That’s part of the purpose of the JEDD – to provide more money for economic development.
“And we’re glad that it’s happening because we’ll be able to turn that money back around and do further improvements that will help the businesses even further,” he added
The Austin Center JEDD – home to Austin Landing - levies a 2.25 percent income tax on all retail businesses and some offices within the boundaries. The township gets about 57 percent of payouts while Miamisburg receives about 22 percent and Springboro roughly 20 percent, officials said.
The Dayton Mall JEDD - which is rebranding the mall area as the Miami Crossing District - has the same income tax rate and township gets 70 percent of those disbursements. The Dayton JEDD income tax rate is 1.75 percent and is split evenly between that city and the township.
For the township, that translates into $630,918 in disbursements. Miamisburg will receive $214,490 while Dayton gets $114,826 and Springboro $61,701, records show.
“It helps us quite a bit,” Miamisburg City Manager Keith Johnson said. A lot of the city’s revenue is based on income tax, he said.
“From a revenue standpoint, it’s kind of unplanned revenue – in that we’re not having to provide a service to get it,” he added. “The other thing it really represents cooperation between us and Miami Twp.”
Revenues projected for 2017 total $1,936,196, about $48,000 than this year’s estimated totals, records show. The predicted rise is largely in light nearly $155,000 in additional revenue budgeted for Austin Center.
Those increases are expected next year with the tax dollars from The Flats at Austin Landing, Staybridge Inn & Suites, a luxury multiplex cinema, and other businesses at Austin Landing, said JEDD board Treasurer George Perrine.
“It’s fairly aggressive on the income tax projection for ‘17 because we’ve got a few developments at Austin Landing that are going to kick in (next year) by way of income tax,” he said.
The anticipated growth is also a factor in the Austin JEDD planning to triple disbursements for next year to $900,000.
That would translate into payments of $514,494 to the township, $200,403 to Miamisburg and $185,103 for Springboro, records show.