Centerville Submits TIF to School Board for Potential $ 2 Million Office / Business Enterprise
June 28 – $ 2 million worth of potential development on city-owned land has been organized tonight by the Centerville School Board to discuss a possible tax increase funding district.
The City of Centerville School Board of Schools is expected to talk about the proposed TIF on 7.5 acres of vacant land the city owns at the southeast corner of Yankee Street and Social Row Road.
The city is negotiating with “a first end user of the property” which would involve a “mix of office and commercial uses,” said Michael Norton-Smith, director of development for Centerville.
The plans show two buildings – one of which is labeled as a possible restaurant – for the site. This press organization requested files from the city concerning the company interested in this land.
The total estimated development cost is $ 2 million and the site can accommodate 75,000 square feet, according to Centerville records.
The city is considering the TIF to generate revenue for future public improvements, according to the documents.
A TIF is an economic development mechanism that allows local governments to finance improvements in public infrastructure, according to the state.
A TIF locks the assessed value of real estate at the value it holds at the time the authorizing legislation was approved, according to records.
Payments from increasing the assessed value of any real estate improvements beyond that amount are directed to a separate fund to finance the construction of public infrastructure, according to the state.
The Education Council is scheduled to meet at 7:00 p.m. in the South Unit Commons at Centerville High School, 500 E. Franklin St.