Who’s funding the TIF?
The TIF at the Vintage Club is designed to provide cash flow to make public improvements at the site, including underground public parking in the retail/commercial area of the development. This cash flow comes from the property taxes paid by property owners in the development, which are then remitted to the City by the Hamilton County Auditor to fund the cost of public improvements associated with the area’s development. Normally, the City would receive approximately 15% of property taxes paid. Under a TIF, the City shares 50% of these property tax dollars with the Sycamore School District. In addition to the property taxes from the TIF, the City is the beneficiary of the earnings taxes paid as well as any development fees, etc. by all properties in the TIF area. If there are not sufficient tax revenues to repay the debt for the public improvements, the developer will be required to make up any shortfall.
