Lorain School Board protests the city's TIF plan for a new Family Dollar store
Lorain City Council recently approved a 10-year tax increment financing (TIF) plan for a Family Dollar store that is scheduled to open soon, The Chronicle-Telegram reports. Under the plan, Lorain School District will receive 25 percent of the projected $10,890 in annual tax revenue. The city will receive the remainder for use in attracting more businesses to blighted areas "without using general funds to pay for the improvements." The deal was approved despite concerns expressed by certain members of the Lorain School Board of Education about the tax incentive, the article said. For more, read the full story.
