His presentation will provide a brief overview on the use of TIFs, and Daniels is expected to discuss how TIFs can be applied to development, housing and economic growth incentives.
In recent years, the city approved the 226 unit Bridgewater housing development, and entered into a TIF agreement with the developer. The TIF, which is aimed at attracting and subsidizing new investments, means that the township won’t receive an increase in property tax from the new homes for 30 years.
Credit: Bill Lackey
Credit: Bill Lackey
A similar agreement is being considered for the proposed Sycamore Ridge development that aims to construct 258 homes, and it’s unclear if a TIF agreement is being considered for the developers of proposed 1,258 housing units along East National Road. Commissioners recently agreed to annex 248 acres of land from the township for that project.
The housing developments are resting or will rest in Springfield Twp.
A Springfield Twp. trustee, Tim Foley, has said he and other township residents oppose the TIF, saying the loss of property tax revenue for some of the proposed homes in addition to the township’s responsibility for road maintenance for new residential developments would create a financial burden. They’re concerned that the hundreds of new residents will overcrowd the township schools and roadways, and stretch other resources even more.
City Manager Bryan Heck in a press release said the TIF is a tool used “by many municipalities to invest in their infrastructure and other improvements.”
“It’s important that we have this presentation before commissioners to let citizens know what we can do to further progress in our community,” he said.
Springfield City Finance Director Mark Beckdahl and Assistant Finance Director Nikki Weber will also be present at Tuesday night’s meeting, the city said in a press release.
City commission will meet in the City Hall Forum, located at 76 E. High St. Its legislative session is slated for 7 p.m.
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