Thrusday, January 14, 1999
Monroe to sell bonds to pay loans
BY JANET C. WETZEL
The Cincinnati Enquirer
MONROE — The city will sell bonds to pay off loans used to fund infrastructure work done in Corridor 75 Park in 1997.
Council agreed Tuesday to sell $2 million in tax increment financing (TIF) bonds to pay for the new roads and utilities put into a section of the industrial park.
Council in 1996 approved a tax increment agreement with the developers of Corridor 75 Park for about $1.5 million in infrastructure improvements to promote development of 30 acres of commercial land on that site, said Jay Stewart, assistant city manager.
The bonds will be used to pay off the short-term notes the city took out to pay for the work. The money also will cov er engineering and related costs, Mr. Stewart said.
This means “the city doesn't pay anything for these improvements,” Mayor Elbert Tannreuther said.
TIF allows communities to capture real property tax revenues from a defined zone and use the money for improvements only in that area.
The city had the approval of the Middletown/Monroe School District to establish the TIF, Mr. Stewart said. As property tax revenues from that section of the park are collected, they go into a separate fund at the auditor's office. And instead of being distributed as normal to the school and other entities, the funds go into a separate fund toward repayment of the TIF bonds, he said.
“The bonds will be repaid over no more than 20 years using the tax revenue from the
TIF,” Mr. Stewart said. “We anticipate the 30-acre parcel will be built out before the 20 years are up. The school makes out because we anticipate this will be paid off before the 20 years, and as soon as the $2 million plus interest is paid off, the school gets 100 percent of those TIF payments.”
During the same meeting, council also authorized City Manager Don Whitman to contract with Pflum Klausmeier and Gehrum, of Fairfax, for about $5,000 to review the city's outdated sign ordinance.
The review was prompted by the growth boom the city has been experiencing. The goal is to prevent an explosion of signs and preserve aesthetics in the city.
The sign ordinance has not been changed for more than a decade, except for a section that was updated last year to ban new billboards in the city except in industrial zones along the I-75 corridor, Mr. Stewart said.
The update should be finished in about four months.
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