The timetable for the completion of the area's first Costco store to open in November is a bit ambitious, according to Centerville city leaders.
While the land is being cleared, the developer needs to finalize the financing package. The city has been asked to work with the Bellbrook Sugarcreek School district to finalize a TIF compensation agreement.
TIF stands for Tax increment financing. According to the Ohio Department of Taxation, it's an economic incentive tool for local governments which allow future taxes generated from increases in property value due to reappraisals and from new development to fund related infrastructure and public improvements. A TIF agreement grants a property tax exemption to incremental increases in the value of parcels of land in the agreement. The value and tax liability increase, as property is improved. The difference between property values before and after improvements is the exempt increment.
When the property was annexed in 2006, it stayed in the same school district. Once the development is complete and generates income, millions more dollars will be coming in, so now all sides must agree on how much the school system will see of that new money.
"We are in negotiations with the Bellbrook Sugarcreek school board," said Centerville City Manager Greg Horn, "and the TIF legislation is really going to have to be passed to ensure proper funding is in place for the infrastructure surrounding this project."
While area residents are concerned about losing so many trees to development, two tree preservation areas have been established.
Portions of Feedwire Road and Wilmington Pike will be widened.
