Thanks to the quick work of Sen. Bill Blessing (R-Colerain) and Rep. Bill Seitz (R-Green Township), a financing crisis was averted,
preserving $1 billion in new developments in the city of Cincinnati.
As reported by the Tom Demeropolis in the Cincinnati Business Courier, Doug Moormann explained the bill now heading for the Governor’s office will allow more than one Tax Increment Financing (TIF) to be in place for projects already in the pipeline and approved by the City of Cincinnati.
TIFs are important financing tools local governments use to
attract developments. A traditional district TIF keep a portion of the taxes paid by a project in the same geographic area for use by the community. A project TIF uses a portion of taxes paid by a project to help pay for the public infrastructure on a specific real estate parcel.
When Moormann realized several projects he was working on in the city would not be able to utilize traditional and project TIFs together due to a ruling by the Ohio Tax Commissioner, he alerted local legislators and began crafting a remedy with legislation. Moormann credits Blessing and Seitz, with recognizing the scale of the problem and the need to quickly find a resolution.
Governor DeWine is expected to sign the bill into law soon.
“This is an example of GSG and DSG at its finest, working at the intersection of business and government to effectively solve a problem. It’s what we do and we do it very well, “ said Chip Gerhardt, President and Founder.