DevelopOhio

Voting 4-1, the Canton City school board recently approved a 30-year tax increment financing (TIF) package for a multimillion-dollar redevelopment project on the former Hercules Engine Co. site, CantonRep.com reports. Robert Timkin, a partner with Cormony Development, said the tax break was necessary to complete the second phase of the project, which “is expected to include 400,000 square feet of development of office, retail or recreational space,” according to the article. Cormony “will pay the district 25 percent of the taxes it would have paid without the tax abatement, plus all of the property taxes it currently pays on the existing value of the property.” The school district expects to receive “an additional $1.58 million in tax revenue over the first 10 years” in addition to the $232,970 it is expected to receive from the current value of the property. The TIF will allow Timkin to “place the property taxes he would have paid on the site’s higher property value into a service fund to use for public infrastructure improvements.” For more, read the full article.