Austin interchange tax revenues rising

Miami Twp., Miamisburg and Springboro get shares of funds.

The Austin Center Joint Economic Development District Board of Directors project $950,000 in tax revenue next year. Of that, $600,000 was initially budgeted for 2017 distributions — double the amount doled out in 2015 and this year.

But board Chairman Steve Stanley suggested budgeting $900,000 of the board’s $1.07 million in expenditures on community dividends.

“My thought is whether the distribution to the communities should go beyond” $600,000, Stanley said. “It is certainly justified.”

The district, called a JEDD, collects income and hotel/motel taxes from businesses within its boundaries. It then divides them among the three communities based on their respective financial investments in the interchange, said Austin Center JEDD Treasurer George Perrine, Miamisburg’s finance director.

If projections hold true, 57.166 percent of the $900,000 will go to Miami Twp., while Miamisburg will get 22.267 percent and Springboro 20.567 percent, he said.

“In terms of money that is being spent, that is the largest proportion of the total budget in 2017…. the distribution being given back to the communities,” according to Perrine.

That was also the case this year, but not the past two years, when community distributions totaled $300,000 in 2015 and $140,000 the year before that.

Strong development at Austin Landing in recent years has helped fuel the rise in numbers with a large chunk of new construction occurring at the sprawling mixed retail use complex overseen by developer RG Properties. The strong Austin Landing growth is a significant factor in Miami Twp. topping $30 million in new construction four of the past six years.

The openings of several restaurants and other retailers in late 2014 and last year helped bring in an estimated $500,000 of income taxes, about 30 percent higher than two years ago, records show. A second hotel, more restaurants and a multiplex cinema are also in the works and will add to the tax base, Perrine said.

“I think the revenues have been very stable and have continued to grow,” he said. “But it’s getting to the point where it’s fairly well built out in terms of Austin Landing.”