Does the Tax Increment Financing (TIF) being used by the village and township to fund their portions of the arts center cost New Albany taxpayers?
No. This in a non-school, non-fire department TIF, meaning that the tax revenues that would have normally flowed to the schools and fire department will continue to flow to those entities. The revenue supporting the bonds comes from incremental or new tax revenues created from new developments. The tax revenue that would have gone to various Franklin County coffers is being invested in community projects, such as the proposed Metro Park and the Arts Center. TIF’s are allowed under laws by the State of Ohio. Scores of TIF’s have been enacted across Franklin County in communities such as Columbus and Dublin. In this one case, New Albany Council members elected to keep some of those tax dollars in the community to support projects that will support economic development or have a positive impact on the region – a new metro park and the arts center.
Related Questions
- Could the money spent on improvements in the Villages Tax Increment Financing (TIF) districts be used to fund services instead and help reduce the deficit?
- Does the Tax Increment Financing (TIF) being used by the village and township to fund their portions of the arts center cost New Albany taxpayers?
- How Is Tax Increment Financing Used?
