Middlefield Village County Agrees to Distribute TIF Revenue for Development
The tax increment financing agreement for the Heritage Pointe subdivision on Lake Avenue made headway May 14 as Middlefield Village Council approved ordinances that paved the way for construction to potentially start this year.
The tax increment financing agreement for the Heritage Pointe subdivision on Lake Avenue made headway May 14 as Middlefield Village Council approved ordinances that paved the way for construction to potentially start this year. On first reading, council unanimously approved Ordinance 26-141, authorizing an agreement with Geauga County Commissioners regarding the county’s role in distributing future revenue from the 30-year TIF. A TIF is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements and, in certain circumstances, residential rehabilitation, according to Ohio.gov. Council also created five incentive districts within the 209-parcel development. Future Heritage...
