TIFs and streetscapes

Yesterday morning I posted a story about the City's desire to float bonds for streetscape projects, which would be paid for through tax increment financing (TIF) district revenues.

Since then, the Enquirer has reported that seven City TIF districts created in 2005 have been rejected by the state of Ohio.

The City had used the same format to create the 2005 districts as it used to create 11 districts in 2002. However, between 2002 and 2005 the state changed the rules to require all property owners within a TIF district to be up to date on their property taxes.

Cincinnati enacted its current TIF policy (PDF) on August 1. The research makes no mention of this change in the law.

TIF districts for Avondale, East Price Hill, Lower Price Hill, Madisonville, Oakley, Riverside/Sedamsville, West Price Hill and Westwood will likely have to be re-drawn and then re-codified by City Council.

City wants to float bonds for streetscapes

The City of Cincinnati wants to float $3.75 million in bonds for improvement projects in five neighborhoods.

The $750,000 that each project would receive would help pay for:

* Intersection redesign and a parking garage in Oakley
* Blighted building acquisition and demolition in Westwood
* General streetscapes on major streets in Evanston, Walnut Hills and West Price Hill

All of the projects are within Tax Increment Financing (TIF) districts. Funds generated from each TIF district will service the bonds.

The ordinances authorizing the bonds are currently in the Finance Committee.