Camden Village Council recently approved and passed Ordinance 1034-2022 establishing a Tax Increment Financing (TIF) for the downtown Camden area.
This business incentive allows for the Village to capitalize on the investment from the 40+ parcels listed in the Ordinance when improvements are made to the individual parcels. Due to the trust and support from the Preble Shawnee School District, the Village was able to pass the TIF business incentive at its fullest extent of 100% for 30 years. When the “improved” value is taxed, it goes into a fund that can utilize the money for village infrastructure improvements, road improvements etc.
According to the State of Ohio website, “A Tax Increment Financing (TIF) opportunity is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements and, in certain circumstances, residential rehabilitation. A TIF works by locking in the taxable worth of real property at the value it holds at the time the authorizing legislation was approved. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation.”
The Village of Camden may use the TIF for the development of commercial properties in the Village of Camden that will benefit the Village and its residents by creating economic opportunities, enlarging the property tax base, stimulating collateral development in the village and enlarging income tax revenues for the village. TIF Ordinance allows for up to 100% exemption from real property taxation for a period of 30 years for the improvement to the TIF Site.
To be eligible for TIF consideration, a commercial property owner identified in the ordinance must complete an “Application for Real Property Tax Exemption and Remission” that will be reviewed by the Tax Incentive Review Council for recommendation to the Village Council.
A link to the TIF Ordinance can be found here: https://camdenohio.org/wp-content/uploads/2022/06/Camden-ORD-1034-2022-TIF.pdf
Examples of how TIF can be used effectively as an incentive to encourage and support local business investment, expansion and development include:
- Ord 1036-2022 – Creation of N. Main Street TIF
- Ord 1039-2022 – Creation of TIF for Ohio Slitting and Storage Expansion
- Ord 1042-2022 – Refinance of Town Hall Phase I Bonds
- ORD 1034-2022 – Establishing the Tax Increment Financing (TIF)
- ORD 1033-2022 – Ordinance to Create the Village of Camden Tax Incentive Review council
For more information or to discuss a possible commercial real estate application for the TIF opportunity, please contact Deputy Village Administrator, Ben Gunderson at email@example.com.