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3 new tax districts to promote West Chester development

December 16, 2015  |  3 new tax districts to promote West Chester development
3 new tax districts to promote West Chester development

Journal News

WEST CHESTER TWP. —

Three new tax increment financing districts comprising 667 total acres will redirect property taxes for infrastructure and other improvements.

TIFs allow government entities to establish geographic bounded areas for capturing future tax benefits of real estate improvements in order to pay for the present cost of those improvements.

Property owners within TIFs volunteer to make “payment in lieu of taxes” — the same amount they would have paid in property taxes on appreciated values, township officials said.

“They are still contributing and paying into the local community’s economy through payments and not necessarily taxes,” said Judi Boyko, the township’s administrator.

The three districts are independent of previously existing TIFs and include:

  • Capstone Boulevard TIF: approximately 134 acres including property near the recently opened Butler Tech BioScience Center and undeveloped properties between the center and Lesourdsville West Chester Road.
  • Cincinnati-Columbus Road TIF: approximately 336 acres along U.S. 42.
  • Tylers Place Boulevard/I-75 and Tylersville Road vicinity TIF: approximately 197 acres including properties along Tylersville, both east and west of the I-75 interchange and Tylers Place north to Liberty Way.

“Together, they represent potential increased valuation of $200 million through development of new retail and commercial facilities and … redevelopment of existing properties,” said Trustee Lee Wong, conservatively estimating the impact of the three districts.

At full development, investment in the Capstone Boulevard area could range between $100 million and $150 million, the Cincinnati Columbus Road area between $75 million to $100 million and the Tylers Place Boulevard/I-75 and Tylersville Road area around $50 million, Boyko said.

The Ohio Department of Transportation completed improvements to Cincinnati-Columbus Road — also known as U.S. 42 — approximately 18 months ago.

“In order to that investment in infrastructure, we believe that there’s some opportunities for redevelopment along (U.S.) 42 and we’d like to capture some of that incremental value,” Boyko said.

“With the recent (addition) of Cabela’s and all of the anticipated development along Tylers Place Boulevard up to around Cox Road including Hamilton Mason (Road) and Liberty Way, we feel this is an opportune time to capture any incremental improvement in the value of these properties in this area,” Boyko said.

Trustees voted Dec. 1 to approve the districts. West Chester has five active existing TIF districts, and “all have benefited the commercial investment in West Chester quite significantly and quite uniquely,” Boyko said.

That includes helping to fund construction and improvement of major roadways, the MidPointe West Chester Library, The Square at Union Centre, new fire headquarters, the purchase of an aerial fire truck and the repurposing of West Chester’s Safety Services Building.

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