Agendas and Minutes
Meeting Officials
Print
Reading Mode
Back to Calendar
Return
D.
New Business  
City Council Meeting
City Manager  
Meeting Date:
04/22/2024
Waverly Place TIF District
Submitted By:
Kyren Gantt
Department:
Assistant City Manager
Division:
Economic Development
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
04/16/2024
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/
Resolution No.:
Passed to 2nd reading
Agenda Item Description or Legislation Title
An Ordinance Creating A Tax Increment Financing Incentive District; Declaring Improvements To The Parcels Within The Incentive District To Be A Public Purpose And Exempt From Real Property Taxation; Requiring The Owners Of Those Parcels To Make Service Payments In Lieu Of Taxes; Establishing A Municipal Public Improvement Tax Increment Equivalent Fund For The Deposit Of Those Service Payments; Specifying The Public Infrastructure Improvements That Benefit Or Serve Parcels In The Incentive District; Authorizing Compensation Payments To Montgomery County, Ohio, The Huber Heights City School District And The Miami Valley Career Technology Center, And Declaring An Emergency.
(first reading)
Purpose and Background
The purpose of this Economic Development Plan (the “Plan”) is to satisfy the requirement of Section 5709.40(A)(5)(f) of the Ohio Revised Code, which requires that an economic development plan evidence that the public infrastructure serving a proposed residential tax increment financing incentive district is inadequate to meet the development needs of the district. This Plan has been developed to continue the efficient and effective development of the City of Huber Heights, Ohio (the “City”). This Plan relates to the proposed 97-unit residential development within the City on approximately 22.38 acres, known as the Waverly Development Project (the “Project”). The proposed development is located east of Bellefontaine Road, north of Fishburg Road, and south of Chambersburg Road. The City has determined that the construction of the Project is expected to result in the creation of employment opportunities within the City as well as the creation of various types of housing for residents of the City.
The City is considering the creation of a residential Tax Increment Financing (TIF) Incentive District (the “Incentive District”) which will include the proposed residential development. The Incentive District will: (1) use quality architecture and design; (2) permit the development of high quality, multi-unit housing; (3) enhance the City by providing for public infrastructure improvements necessary for the preservation and advancement of public health, safety, and well-being; and (4) increase the City’s collection of income taxes and, over time, real property taxes.
Fiscal Impact
Source of Funds:
Tax Increment Financing (TIF)
Cost:
$0
Recurring Cost? (Yes/No):
No
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
The developer forecasts 97 housing units with an average sale price per unit of $324,731.
Attachments
Presentation
Ordinance
Exhibit A
Exhibit A - Attachment A
Exhibit A - Attachment B
Exhibit B
Certificate Of City Engineer
AgendaQuick ©2005 - 2024 Destiny Software Inc.
All Rights Reserved.