DevelopOhio

Promoting Middletown’s economic development and enhancing the city’s tax base will be easier soon, as the city and school district are close to finalizing a Cooperative Compensation Agreement, the Journal-News reports. The agreement “provides the city with the authority to set up special financing areas for businesses relocating to Middletown,” with the city reimbursing the school district for part of the property taxes that would be forfeited under those areas. Under the agreement, the city will have authority “to negotiate and execute Enterprise Zone Agreements, Community Reinvestment Areas, and Tax Increment Financing Districts within and up to a pre-approved threshold.” Alexis Fitzsimmons, Middletown’s assistant economic development director, said the agreement “could really move the community forward” and called it a “tremendous opportunity,” according to the article. Fitzsimmons said that “[i]n addition to financial incentives, ‘speed to market’ has become one of the most important factors in winning consideration from a site selector,” and having this agreement in place “is essential to moving at the speed of business.”