A proposal before Westerville City Council to create a 30-year tax-increment financing (TIF) district for the 100-acre Braun Farm property could bring two development projects to the site, ThisWeek Community News reports. Van Trust Real Estate and Spectrum Retirement Communities “are set to develop a 282-unit, multi-family complex and a 164-unit senior living facility” on Cooper Road near Cleveland Avenue, according to the article. The TIF would “set aside funds for infrastructure work that would initially be paid for by developers but would be reimbursed through collected funds from the city.” Assistant City Manager Julie Colley “said schools and other entities would continue to get their current portion of the taxes,” saying, “[t]here is no loss of revenue by anyone.” The TIF is expected to generate almost $600,000 per year, or $17.7 million over the 30-year period. Council Chairman Craig Treneff said, “[t]he reason why it makes economic sense for cities to do this . . . is because it’s an absolute fact that, but for some kind of tax relief — tax abatement or a TIF, these developments just don’t happen.” The proposal will have two more readings after City Council’s summer recess ends.
Westerville will decide on TIF after summer recess
