MOUNT VERNON — City officials will meet Tuesday with a Columbus attorney to start the ball rolling on creating a Tax Increment Financing District for the Ohio 13 corridor, Mayor Richard Mavis said Friday.
Resolutions authorizing the creation of the district will be submitted to city council early in the coming year, Mavis said.
The attorney is from the firm of Vorys, Sater, Seymour and Pease, which the city retained when setting up the TIF districts for the Industrial Park and Sandusky Street. The new district will cover the Ohio 13 corridor from Tilden Avenue south to the Ohio 586 split.
A TIF district does not affect residential property, but the tax revenue from any new commercial or industrial development or increased value of existing development, is designated for infrastructure improvements in the area. For example, the new connector road between Coshocton Avenue and Yauger Road was financed with TIF revenue.