Cincinnati council is expected to vote Dec. 18 to create 15 new tax increment financing (TIF) districts to benefit city neighborhoods.
Once implemented, as home and business values rise in these districts, the additional property tax money generated is set aside for public projects to benefit the neighborhoods.
The new TIF districts are:
- West End
- Pleasant Ridge
- Mt. Auburn
- Eastern River
- College Hill
- Westwood Boudinot
- Mt. Airy
- Camp Washington
- Spring Grove Village
- South Fairmount
- South Cumminsville
- North Fairmount
"It's not a tax abatement," said Phil Denning, the city's director of community and economic development. "It's a tool that's available to help basically give a neighborhood some resources and make improvements that they feel like fit their vision for their neighborhood."
Right now, the city has 20 TIF districts that were created in 2002 and 2005. The city had not established any new districts since 2005 because officials believed state law prevented the creation of any new districts.
But now after working with the West End, who made a request to become a TIF district to create housing, the city has done more research and determined it is feasible to create additional TIF districts that met the requirements of state law.
Council Member Amy Murray said it could be good for neighborhoods.
"Often we have neighborhoods that come to us and say 'We'd really like this; we'd really like that,' " Murray said. "But if we don't have money for it, we can't do it. So this is a way where specific neighborhoods - if they have a TIF - are able to use that money for specific things for the neighborhood."
City administrators said in a memo last month that they would like to have the new TIF districts in place by the end of 2019.
"The administration is recommending that all 15 TIF districts be put into place prior to the end of 2019 as the triennial property reassessments is ongoing, so that any property increases resulting from the investments in these districts may create increments available for public infrastructure or housing needs with the TIF districts in the 2020 tax year," the memo said.
The city's current TIF districts include: Downtown, Over-the-Rhine, Carthage, Walnut Hills, East Walnut Hills, Clifton Heights, Corryville, Bond Hill, Evanston, West Price Hill, East Price Hill, Lower Price Hill, Sedamsville, Westwood, Madisonville, Oakley and Avondale.