The Board of Education for Plain Local Schools gave its approval to a 30-year property tax abatement for the Hall of Fame (HOF) Village, with district officials saying the school system “will only gain” from the project, CantonRep.com reports. Superintendent Brent May “said the partnerships will be mutually beneficial and may extend beyond the tax agreement in the future.” The tax increment financing (TIF) agreement, which still must be approved by Canton City Council, “allows the HOF Village LLC to divert 75 percent of property tax payments resulting from improvements back into a fund for the project,” while the remaining 25 percent would go to school districts within the project boundaries, according to the article. After the first phase is completed, Plain Local “estimates its payout at $442,709 a year. . . . in addition to the district’s current $71,065 tax revenue on the land, which is guaranteed under the 30-year agreement.” District documents say that once completed, the “multimillion-dollar Pro Football Hall of Fame expansion is expected to create about $184 million in investments.” For more, read the full article.
Plain Local BOE approves HOF Village tax deal, calling it mutually beneficial
